Property Management Dictionary – Landlord Terms – Accurate Credit Bureau

S

Sales Agreement
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

Second Mortgage
An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

Security deposit
A deposit or a fee that the landlord requires the tenant to pay at the beginning of the tenancy. The landlord can use the security deposit, for example, if the tenant moves out owing rent or leaves the unit damaged or less clean than when the tenant moved in.

Security Settlement Challenge Crusher
A Letter designed to quickly squash any unfounded tenant arguments about deductions made from the security deposit refund.

Security Settlement Statement
An essential landlord form that allows the landlord to make valid, itemized and explained deductions from security deposits.

Serve/service
Legal requirements and procedures that seek to assure that the person to whom a legal notice is directed actually receives it.

Settlement (or Closing)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

Settlement Costs
Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney’s fees, taxes, and surveying fees.

Settlement Cost (HUD guide)
HUD – published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application.

Sixty-day notice
A written notice from a landlord to a tenant telling the tenant that the tenancy will end in 60 days. A sixty-day notice usually does not have to state the landlord’s reason for ending the tenancy.

Sublease
A separate rental agreement between the original tenant and a new tenant to whom the original tenant rents all or part of the rental unit. The new tenant is called a “subtenant.” The agreement between the original tenant and the landlord remains in force, and the original tenant continues to be responsible for paying the rent to the landlord and for other tenant obligations. (Compare to assignment.)

Subpoena
An order from the court that requires the recipient to appear as a witness or provide evidence in a court proceeding.

Subtenant
See sublease.

Survey
A measurement of land, prepared by a licensed surveyor, showing a property’s boundaries, elevations, improvements, and relationship to surrounding tracts.

Sweat Equity
Value added to a property in the form of labor or services of the owner rather than cash.

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