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Revolving debt
A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
Right of first refusal
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
Right of ingress or egress
The right to enter or leave designated premises.
Right of survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
Sale-leaseback
A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
Second mortgage
A mortgage that has a lien position subordinate to the first mortgage.
Secondary market
The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.
Secured loan
A loan that is backed by collateral
Security
The property that will be pledged as collateral for a loan.
Security deposit
A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.
Seller carry-back
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
Servicer
An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
Servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
Single-family home
A free-standing, residential structure, designed to accommodate one family.
Subdivision
A housing development that is created by dividing a tract of land into individual lots for sale or lease.
Subordinate financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
Survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
Sweat equity
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
Tenancy in common
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
Third-party origination
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
Timeshare
An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities, or both, for a specified period and on a recurring basis. Used primarily for selling vacation properties.
Title
The right of ownership of a property.
Title company
A company that provides title insurance policies. In some places title companies also act as escrow agents, conduct title searches and hold closings.
Title insurance
Protection for lenders or homeowners against financial loss resulting from legal defects in the title.
Title search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.
