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S

Sales Agreement: Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

Satisfaction
: The discharge of an obligation by paying a party what is due (i.e., the satisfaction of an IRS lien or the satisfaction of a mortgage).
 
Seasoning: The length of time payments have been made on a note or other debt instrument.
 
Second Mortgage: An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

Secondary market: The marketplace where individuals and businesses can sell privately held income streams to funding sources for cash.

Securitization: The bundling and resale of debt instruments to investors; permitted only for parties licensed and regulated by the SEC.
 
Security interest: An interest in property, other than real estate, which is given as security for a debt or other obligation. A security interest is created by execution of a security agreement and one or more financing statements under the Uniform Commercial Code.
 
Seller: The person or company that is holding a debt instrument and wants to sell it.
 
Servicing: The collection of payments of interest and principal, and trust fund items such as fire insurance, taxes, etc., on a note by the borrower in accordance with the terms of the note. Servicing by the lender also consists of operational procedures covering accounting, bookkeeping, insurance, tax records, loan payment follow-up, delinquent loan follow-up and loan analysis.
 
Settlement (or Closing): The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

Settlement Costs: Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees.

Settlement Cost (HUD guide): Booklet that provides an overview of the lending process, given to consumers after completing loan application.

Sole proprietorship: A business owned and operated by an individual.
 
Subordination: The act of a creditor acknowledging in writing that a debt due him or her by a debtor shall be inferior to the debt due another creditor by the same debtor.

Survey: A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts.

Sweat Equity: Value added to a property in the form of labor or services of the owner rather than cash.