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S

Sales comparison approach	The method of evaluating a property's value by comparing it to actual sales prices and values of comparable properties
Sale-leaseback	A transaction in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller
SBA	Abbreviation for the Small Business Administration
Second mortgage, or junior mortgage	A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage, usually or shorter term and often at higher interest
Secondary market	Agents or agencies that buy mortgages from primary lenders, usually at discounted prices, to sell to investors
Section, or Section of land	A parcel of land measuring one square mile or 640 acres
Set Back Lines	The distance designated by zoning regulations that is required between the perimeter of a property and where structures can be positioned
Secured loan	A loan guaranteed by collateral
Security	The property pledged as collateral for a loan or mortgage
Seller take-back	A contract whereby the seller of a property provides financing, sometimes as part of an assumable mortgage
Severalty, or Sole ownership	Ownership of real property by only one individual
Special assessment	An additional tax imposed by the government against specific parcels of real estate that will benefit from a public improvement, such as a street
Special warranty deed	An agreement whereby the current owner/seller guarantees he has done nothing that would impair or cloud title, but does not make any guarantee for what occurred prior to his ownership of the property
Specific performance	A legal action that requires a party to honor the terms of a contract
Statute of limitations	The time period allowed for the filing of a legal suit to enforce a claim, after which any such claims are barred
Step-rate mortgage	A loan that allows for the interest rate to increase in increments according to a designated schedule for a specified period of time, at the end of which, the interest rate returns to a constant percentage
Subagent	An individual or party who is employed by someone already acting as an agent
Subdivision	A tract of property that is divided into streets and individual lots
Subject to	Taking ownership of a property with a lien (legal claim or charge) against it, but not assuming responsibility for the said lien, while the holder who forecloses the lien can take the property, but may not collect money from the owner who took "subject to"
Subsidized second mortgage	An alternative financing option for low- and moderate-income households, issued by a state or county housing foundation, agency or nonprofit corporation, whereby the buyer can purchase a first mortgage with a subsidized second mortgage behind it; payment on the second mortgage is often deferred and carries a low or no interest rate, and a portion of the mortgage may be forgiven incrementally for each year the buyer resides in the home
Survey	The process of determining property areas, by measuring its dimensions, lot lines and other physical features Also, the map that results from such measurements taken

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Holleay Parcker Broker/Owner SPINNAKER REALTY, LLC 6475 N. Croatan Hwy Ste 203 (MP 4) Kitty Hawk, NC 27949 Toll-free Direct: 877.207.1617 Local Mobile: 252.207.1617 Fax: 252.255.1115 Email Holleay now: holleay@OuterBanksRealEstateTips.com My desire is that you become thoroughly educated about the Outer Banks real estate market before making your purchase or selling decision. This is a process, and it is crucial to your success as an investor. I will take all the time necessary to answer your questions and assist you in achieving your real estate goals. Outer Banks Real Estate - The Most Important Tip You Need to Know Before Buying Property on the Outer Banks The most important decision you must make before purchasing Outer Banks real estate is selecting the agent you will work with. Choosing the right agent will save you time and money; choosing the wrong one may cost you both. More than 70% of real estate buyers deal with the first agent they speak with. Don't make this costly mistake! Research has shown that many people spend more money on their second home or investment property than they do on their primary residence. This means that your Outer Banks real estate purchase may well be the most valuable financial decision of your lives. With so much at stake, it's important that you secure the best possible agent to represent your interests. Why would you settle for less than the very best? When selecting the right Outer Banks real estate agent for your needs, consider these tips: 1. Is your agent a member of the Institute for Luxury Home Marketing? Members have received extensive training in handling exceptional properties in the upper tier market. Whether or not you are considering a home in the million dollar range, shouldn't you choose an agent who has received the highest level of training? I am a proud member of the Institute of Luxury Home Marketing. Only 4 other agents in the entire Outer Banks real estate market (936 agents strong) can make this claim. 2. Has your agent received the Certified Luxury Home Marketing Specialist designation? Unlike many other designations, this one is performance-based, which means that the agent has achieved a solid track record of sales in the upper 10% of their market. I have earned the coveted CLHMS designation, and only 2 other agents on the Outer Banks have received theirs. 3. Has your agent been recognized as a Million Dollar Guild member? Million Dollar Guild status is accepted by real estate consumers the world over as the industry's elite. Success in the million dollar and above arena has been demonstrated and certified. Simply put, it doesn't get better than this. My strong performance in the luxury home tier has earned me membership in the exclusive Million Dollar Guild club. Now that you realize that not all agents are alike, shouldn't you be calling the very best agent to assist you? Let's talk about your Outer Banks real estate needs today. You may reach me toll-free direct at 877.207.1617. I look forward to hearing from you. www.OuterBanksRealEstateTips.com is brought to you by Holleay Parcker NUMBER1EXPERT™ in real estate for Corolla, Outer Banks and Duck, North Carolina Read Holleay Parcker's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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