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A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.

Second Mortgage

A mortgage that has a lien position subordinate to the first mortgage.

Secondary Market

The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.

Secured Loan

A loan that is backed by collateral.


The property that will be pledged as collateral for a loan.

Seller Carry-back

An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.


An organization that collects principal and interest payments from borrowers and manages borrowers� escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.


The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

Settlement Statement

See HUD1 Settlement Statement


A housing development that is created by dividing a tract of land into individual lots for sale or lease.

Subordinate Financing

Any mortgage or other lien that has a priority that is lower than that of the first mortgage.


A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

Sweat Equity

Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.