David J. Welsh - Real Estate Glossary

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S

Settlement

Another name for closing

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.

Subordinate

To place in a rank of lesser importance or to make one claim secondary to another.

Survey

A property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.

Sweat equity

Using labor to build or improve a property as part of the down payment.

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