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Special servicer
Special servicer A firm that is employed to work out mortgages that are either delinquent or in default.
RELATED TERMS--------------------------------------
Delinquent
The status of a financial obligation, such as a mortgage loan, when it is past-due.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
SIMILAR TERMS--------------------------------------
Special agent
One authorized by a principal to perform a particular act or transaction without contemplation of continuity of service as with a general agent.
Special assessment
A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.
Special conditions
A section of the offer to purchase designed to exhibit any special circumstances, contingencies or addendums desired by the buyer or seller.
Special deposit account
Rehabilitation mortgages require a special deposit account from which restoration and remodeling funds included in the loan are disbursed to the appropriate contractors as work is completed.
Special forbearance
A loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.
Special lien
A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets.
Special limitation
A fee simple estate may also be qualified by a special limitation. The estate ends automatically upon the current owner's failure to comply with the limitation. The former owner retains a possibility of reverter.
Special purpose property
Hotels, resorts, nursing homes, theaters, schools, places of worship and other organizations whose specialized needs dictate the design and operation of the property.
Special studies zone
A specific area where an investigation is taking place regarding seismic or geologic considerations.
Special warranty deed
A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property.
Specific lien
A lien affecting or attaching only to a certain, specific parcel of land or piece of property.
Specific performance
When a court requires a defendant to carry out the terms of an agreement or contract.
Specifications
The written requirements for materials, equipment, construction systems and standards.
Specified investing
Investment in individually specified properties or portfolios, or investment in commingled funds whose real estate assets are fully or partially specified prior to the commitment of investor capital.
Speculation home
A home that has been built without a buyer.
Speculation home or spec home or built on spec
A house built before a buyer has been found, on the assumption that one will be found.
Speculative space
Any tenant space that has not been leased before the start of construction on a new building.
PREVIOUS AND NEXT TERMS--------------------------------------
Special deposit account
Rehabilitation mortgages require a special deposit account from which restoration and remodeling funds included in the loan are disbursed to the appropriate contractors as work is completed.
Special forbearance
A loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.
Special lien
A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets.
Special limitation
A fee simple estate may also be qualified by a special limitation. The estate ends automatically upon the current owner's failure to comply with the limitation. The former owner retains a possibility of reverter.
Special purpose property
Hotels, resorts, nursing homes, theaters, schools, places of worship and other organizations whose specialized needs dictate the design and operation of the property.
Special servicer
Special studies zone
A specific area where an investigation is taking place regarding seismic or geologic considerations.
Special warranty deed
A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property.
Specific lien
A lien affecting or attaching only to a certain, specific parcel of land or piece of property.
Specific performance
When a court requires a defendant to carry out the terms of an agreement or contract.
Specifications
The written requirements for materials, equipment, construction systems and standards.
This dictionary contains 6433 terms. |
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