Stop foreclosure quick glossary - S

Settlement
Another name for closing a particular venture by paying off all the money to the property availed by a person.

Survey
It’s the measurement of a particular land, prepared by a registered land surveyor, presenting the location of the land with reference to known points, its dimensions, and the location and dimensions of any building. The survey property diagram indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.

Sweat equity
Using labor to build or improve a property as part of the down payment.

Sale-leaseback
It’s the practice by which a seller deeds property to a buyer who concurrently leases the property back to the seller.

Security
The guarantee offered to a lender in exchange for a loan. When a lender grants a mortgage, you provide your home as the security. This means that if payments are in non-payment, the lender has the right to take title to the property.

Subdivision
It’s a housing growth that is formed by dividing a large parcel of land into many individual lots for sale.

Seller
The person who decides to sell the property in the market based on the value of the property for the market rate. The money can be obtained as a monetary payment of cash or by any means.