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Athens GA Homes and Condos
Athens Real Estate | Abbreviations, Terms and Phrases
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sales contract
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A written agreement stating the terms of the
sale agreed to by both buyer and seller. TREC
promulgated standard contracts must be used by all licensees, with certain
limited exceptions. See earnest money contract.
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Salesperson
Annual Education (SAE)
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A real estate salesperson is required to complete
a total of 18 semester (270 classroom) hours of education by the end of
their third year of licensure. All active and inactive salespersons,
who are under the SAE requirement, must show evidence of having completed
a minimum of 30 hours in core or related real estate education each year
or until a total of 270 classroom hours have been completed. At least 180
hours of the 270 must be in core real estate. Therefore the other
90 hours may be in related. Evidence of successful completion must be received
on or before the renewal filing deadline. If this documentation is not
received on time, the license will expire.
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SAE
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Acronym - Salesperson
Annual Education
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secondary mortgage market
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Buying and selling of existing mortgage loans,
designed to provide additional liquidity for lenders. Contrast with primary
mortgage market. Also see Fannie
Mae, Freddie Mac and
Ginnie
Mae.
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security deposit
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A payment required by a landlord
to ensure that a tenant pays rent on time and keeps
the rental unit in good condition. If the tenant damages the property or
leaves owing rent, the landlord can use the security deposit to cover what
the tenant owes.
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security interest
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An interest that a lender takes in the borrower's
property to assure repayment of a debt.
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self amortized loan
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A loan which will retire the debt by systematic
payments of principal and interest, so that at the end of the loan period,
the balance will be zero.
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servicing a loan
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The ongoing process of collecting your monthly
mortgage payment, including accounting for and payment of your yearly tax
and/or homeowners insurance bills.
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servient tenement
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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.
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setback
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The distance a building must be set back from
the property lines in accordance with local zoning ordinances or deed restrictions.
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shared equity mortgage
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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.
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short sale (of house)
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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).
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simple interest
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Interest computed only on the principal balance.
Contrast with compound interest.
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single-family home
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A free-standing, residential structure, designed
to accomodate one family. Single-family homes include traditional
houses, as well as patio homes.
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special
warranty deed
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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.
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specific lien
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A claim that only applies to or affects a
certain property or group of properties. Contrast with general
lien.
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specific performance
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Carrying out of the precise terms agreed upon
in a contract. Also see
suit for specific
performance.
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spite fence
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An unsightly fence erected for no other purpose
than to irritate a neighbor. Such a fence may be illegal under local fence
height and appearance regulations or state laws that specifically bar spite
fences. Even if it doesn't violate regulation or laws, the fence may still
be illegal if it was built with malicious intent.
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Statute of Frauds
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The law which requires among other things,
that all contracts transferring real estate, or for the leasing of property
for over one year, must be in writing to be enforceable.
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statutory year
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A year composed of twelve months, each with
thirty (30) days, for a total of 360 days in a statutory year. Also
known as a banker's year. Contrast with calendar
year.
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steering
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The illegal practice of directing members
of minority groups to, or away from, certain areas or neighborhoods; channeling.
See Fair Housing.
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subject to mortgage
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The buyer of an already mortgaged property
makes the payments, but does not take personal responsibility for the loan.
Should the mortgage be foreclosed and the property sold for a lesser amount
than is owed, the grantee-buyer is not personally liable for the deficiency,
but the grantor-seller is. Contrast with assumption
of mortgage.
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sublease
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A rental agreement or lease between a tenant
and a new tenant (called a sublessee) who will either share the rental
or take over from the first tenant. The sublessee pays rent directly to
the tenant. The tenant is still completely responsible to the landlord
for the rent and for any damage, including that caused by the sublessee.
Most landlords prohibit subleases unless they have given prior written
consent. Compare with assignment.
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subpoena
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A legal process ordering a witness to appear
and give testimony or to present documents under penalty of law. TREC
has subpoena powers.
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substitution, principle of
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The principle which states that a buyer will
pay no more for a property than the cost of an equally desirable alternative
property.
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succession
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The passing of property or legal rights after
death. The word commonly refers to the distribution of property under a
state’s intestate succession laws, which determine who inherits property
when someone dies without a valid will. When used in connection with real
estate, the word refers to the passing of property by will or inheritance,
as opposed to gift, grant, or purchase.
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suit for specific performance
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A legal action brought by either a buyer or
a seller to enforce performance of the terms of a contract.
Athens GA Homes and Condos
Athens Real Estate | Abbreviations, Terms and Phrases
A
| B | C | D | E
| F | G | H | I
| J | K | L | M
| N | O | P | Q
| R | S | T | U
| V | W | X | Y
| Z
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