Sales contract

A formal document that represents an agreement on terms of a sale, where a property will be transferred from a seller to a buyer.


Signed by the mortgagee, this document shows that the debt owned on a mortgage has been paid in full and releases the mortgagee from further payments.

Secondary Market

The buying and selling of existing mortgages as part of a

Second Mortgage

Carrying rights that are subordinate to the main mortgage, this secondary mortgage is a mortgage that has been pledged as collateral for an earlier mortgage.

Section of Land

A parcel of land measuring 640 square miles.

Secured Loan

A loan that is backed by collateral, most commonly an automobile or a property.


The property that is used as collateral on a secured loan.

Seller Carry-back

Often used with an assumable mortgage, this is an agreement where the owner of a property offers financing on the purchase or lease of the property.

Separate Property

Acquired before a marriage or other legally binding relationship, this property is owned privately by the husband or wife.


This party manages the collection of an individual


The process of collecting mortgage payments from borrowers as well as other related responsibilities of a servicer.

Set back lines

These lines represent the required distance between the location of nearby structures and the boundaries of a property.


The deed provided at a sheriff

Simple interest

The interest that is computed only on the principal amount, which is not compounded.



Special Flood Hazard Zone

The land area covered by the floodwaters of the base flood is the Special Flood Hazard Area (SFHA). This information is required by law to be made known to each party during a business transaction.

Specific Performance

The legal procedure of requiring the performance of a contract according to it

Statute of Frauds

In Texas, contracts must be in writing to be legally binding. Verbal contracts do not constitute a legally binding contract.

Statutory Law

Involuntary liens, including tax, judgement and mechanics liens.

Straight Line Deprecation

A sum that is set aside annually from income that goes towards paying for improvements without affected interest loans.

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