| Term | Definition |
|---|
| servicing a loan | The ongoing process of collecting your monthly mortgage payment, including accounting for and payment of your yearly tax and/or homeowners insurance bills. |
| servient tenement | Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would be a servient tenement. |
| setback | The distance a building must be set back from the property lines in accordance with local zoning ordinances or deed restrictions. |
| shared equity mortgage | A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the lender is entitled to a portion of the proceeds. |
| short sale (of house) | A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure). |
| simple interest | Interest computed only on the principal balance. Contrast with compound interest. |
| single-family home | A free-standing, residential structure, designed to accomodate one family. Single-family homes include traditional houses, as well as patio homes. |
| special warranty deed | A warranty deed which, instead of warranting the title from sovereignty of the soil to the last grantee, merely warrants the title against every person whomsoever lawfully claiming or to claim the same, or any part thereof, by, through or under the grantor. |
| specific lien | A claim that only applies to or affects a certain property or group of properties. Contrast with general lien. |
| specific performance | Carrying out of the precise terms agreed upon in a contract. Also see suit for specific performance. |
