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Severance
Severance Changing an item of real estate to personal property by detaching it from the land.
RELATED TERMS--------------------------------------
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
SIMILAR TERMS--------------------------------------
Sevenoaks property
Property in Sevenoaks, Great Britain. Apartments, flats, houses, offices and other property in Sevenoaks.
Seventy-two hour clause
Wording that is inserted in a purchase contract when the purchase of a home is contingent on the sale of the buyer's current home. The seller accepts the offer but reserves the right to accept a better offer if one comes along.
Severalty
Sole ownership of real property.
Severodonetsk property
Property in Severodonetsk, Ukraine. Apartments, flats, houses, offices and other property in Severodonetsk.
Severodvinsk property
Property in Severodvinsk, Russia. Apartments, flats, houses, offices and other property in Severodvinsk.
PREVIOUS AND NEXT TERMS--------------------------------------
Setback
The distance from the front or interior property line to the point where a structure can be located.
Settlement
Another name for closing.
Settlement Cost, HUD Guide
This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed.
Settlement statement
A statement prepared by broker, escrow or lender giving a complete breakdown of the cost associated with a real estate transaction.
Severalty
Sole ownership of real property.
Severance
Share certificate
A certificate of deposit issued by a credit union that pays a specific dividend if held for a specific period. It's the credit union equivalent of a certificate of deposit.
Sharecropping
In an agricultural lease, the agreement between the landowner and the tenant farmer to split the crop or the profit from its sale, actually sharing the crop.
Shared appreciation mortgage (SAM)
A mortgage loan in which the lender, in exchange for a loan with a favorable interest rate, participates in the profits (if any) the borrower receives when the property is eventually sold.
Shared ownership
The occupant does not fully own the property. Common in housing association properties whereby both the association and occupier own a part of the property.
Shared-appreciation mortgage
A home loan in which the lender offers a below-market interest rate in exchange for sharing in the profit when the home is sold.
This dictionary contains 6433 terms. |
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