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Survey
Measurement and description of land carried out by a registered surveyor. |
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Shared Appreciation Mortgage (SAM)
Mortgage in which a borrower receives a below-market interest rate in return for which the lender (or another investor) receives a part of the future appreciation in the property value. May as well apply to mortgage where the borrowers shares the monthly principal and interest payments with another party in exchange for part of the appreciation. |
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Settlement Costs
See Closing Costs.
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Security
The collateral given, deposited, or pledged to secure the payment of a loan debt. |
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Secondary Mortgage Market
The market where existing mortgages are bought and sold. Contrary to the primary mortgage market where mortgages are originated. |
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Second Mortgage
Second loan on the same home or property that is security for the first mortgage loan. |
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Second Home
The residence other than the borrower's primary residence which will be occupied for a some months each year. It must be appropriate for year-round occupancy. |
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Satisfaction of Mortgage
Recordable instrument which is issued by the lender and verifies the full payment of a mortgage debt |
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