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Dictionary

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Sale-leaseback
A situation in which a seller deeds property to a buyer, and the buyer simultaneously leases the property back to the seller.

Second Mortgage
An additional loan placed upon a piece of property that has a lien position subordinate to the first mortgage.

Set Back Lines
The required minimum distance a structure must be from the perimeter of the property.

Special Assessments
A special tax imposed on property for such things as road construction, sidewalks, sewers, street lights, etc. One example is when a condo association needs additional funds, it can impose a special assessment upon the condo owners.

Squatter
A person who lives on someone else's property without legal claim or authority.

Subdivision
A housing development created by dividing a large piece of property into individual parcels for sale or lease.

Subordinate Financing
A mortgage or other lien that has a lower priority than that of the first mortgage.