Career Resource Center Archive


Subletting

Saturday, December 15th, 2007
The leasing of premises by a lessee to a third party for part of the lessee's remaining term.


Subdivision

Saturday, December 15th, 2007
A tract of land divided by the owner into smaller lots for homesites or other use.


Steering

Saturday, December 15th, 2007
The illegal practice of directing potential home buyers to or away from certain neighborhoods either to maintain or to change the character of an area, or to create a speculative situation.


Special assessment

Saturday, December 15th, 2007
A special tax imposed on specific parcels of real estate that will benefit from a proposed public improvement, such as a street or sewer.


Settlement costs

Saturday, December 15th, 2007
See closing costs.


Settlement

Saturday, December 15th, 2007
The day on which title is conveyed.


Semidetached

Saturday, December 15th, 2007
One structure containing two dwelling units separated vertically by a common wall.


Seller’s market

Saturday, December 15th, 2007
One with few sellers and many buyers.


Secondary mortgage market

Saturday, December 15th, 2007
Market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; plays an important role in getting money from those who want to lend to those who want to borrow.


Second mortgage

Saturday, December 15th, 2007
Lien on property that is subordinate to a first mortgage. In the event of default, the second mortgage is repaid after the first. Also called a junior mortgage, and in some circumstances a home equity loan.


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