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.
Real Estate and Mortgage

The term ''Salesperson'' (as in Real Estate Salesperson or Real Estate Sales Representative) refers to someone who has attained all of the licensing requirements needed to help the public buy, sell, lease, exchange or negotiate for any interest in either real property or a business opportunity. All Salespersons must work under the direct supervision of a licensed Broker.
Real Estate and Mortgage

A mortgage that has a lien position subordinate to the first mortgage.
Real Estate and Mortgage

The buying and selling of existing mortgages, usually as part of a ''pool'' of mortgages.
Real Estate and Mortgage

A loan that is backed by collateral.
Real Estate and Mortgage

The property that will be pledged as collateral for a loan.
Real Estate and Mortgage

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.
Landlords and Tenants

An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
Real Estate and Mortgage

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.
Real Estate and Mortgage

The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
Real Estate and Mortgage

Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would be a servient tenement.
Real Estate and Mortgage

The distance between a property boundary and a building. A minimum setback is usually required by law.
Real Estate and Mortgage

See HUD1 Settlement Statement
Real Estate and Mortgage

A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the lender is entitled to a portion of the proceeds.
Real Estate and Mortgage

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
Real Estate and Mortgage

Works for an office that takes listings, represents buyers and sellers, but will represent only one client in any real estate transaction. Will not practice dual agency!
Real Estate and Mortgage

An unsightly fence erected for no other purpose than to irritate a neighbor. Such a fence may be illegal under local fence height and appearance regulations or state laws that specifically bar spite fences. Even if it doesn't violate regulation or laws, the fence may still be illegal if it was built with malicious intent.
Real Estate and Mortgage

A housing development that is created by dividing a tract of land into individual lots for sale or lease.
Real Estate and Mortgage

A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damage, including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent. Compare assignment.
Landlords and Tenants

Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
Real Estate and Mortgage