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Ma Real Estate S-1

Terms & Definitions S-1

Sale and Leaseback Property owner sells a piece of property, and as part of the same transaction leases it back and keeps the right to occupy. Often used for accounting and tax purposes.
Sandwich Lease A lease where a tenant in lessor-lessee relationship leases to a third-party.
Scarcity An appraisal principle that a reduction in the availability, or supply of a good will increase its value.
Secondary Mortgage Market The market that purchases existing mortgages, that were originally established in the primary mortgage market. Some government involvement in this market, includes the Federal National Mortgage Association (FNMA), the Government National Mortgage Association (GNMA), and the Federal Home Loan Mortgage Corporation (FHLMC).
Section In the government survey method of land description, east-west township lines meet the north-south range lines in a 6 mile by 6 mile township, which is further subdivided into 36 one mile by one mile parcels, called sections.
Security Deposit A payment by tenant to landlord to be held as assurance against default, or damage the property by the tenant.
Seller's Agent A real estate broker who represents the seller, not the buyer, and therefore has a fiduciary responsibility to the seller.
Senior Residential Appraiser (S R A) Professional appraisal designation awarded by the Appraisal Institute indicating competence in appraisal of 1 to 4 family residences.
Servient Estate Property over which another piece of property (Dominant Estate) has a right of way.
Severalty When title to property is held by one individual.
Severance The process of changing real property into personal property (Personalty).
Shared Equity Mortgage A mortgage with a borrower and lender agreed, to share the increase in value of the property securing a loan.
Sheriffs Deed A deed used when property is sold by a sheriff by court order.
Sherman Antitrust Act Federal act passed in 1890 aimed at prohibiting monopolies, and promoting competition in the market place.
Single Agent One who represents one principal, either the buyer or seller, but not both.
Situs Refers to characteristic of location. See location.
6D Certificate Document called for an Mass General Law chapter183. section 6D issued by the condominium management association documenting the status of any condo fees, special assessment, or other charges due by the unit owner. Must be present at transfer of ownership.
Created by: medct