You've probably heard some real estate terms and are wondering what in the world they mean. Use this glossary to look them up! If you are wondering what a word or phrase means and I don't have it in the glossary, please send me an email asking!

Sales Contract
A contract signed by the buyer and seller that details the terms of a home purchase.

Second Mortgage
A second loan placed upon a piece of property.

Seller Carry-back
An agreement in which the seller provides financing for a home purchase.

Seller Financing
The seller allows the borrower to use a portion of the equity in the property to finance the purchase.

Seller's Market
A hot real estate market in which sellers have the advantage and multiple offers are common.

Setback
The minimum distance a house or building must be from the lot line.

Slab Foundation
A foundation built directly on soil with no basement or crawl space.

Special Assessment
An amount of money levied upon owners in a homeowners' association for the purpose of public improvements.

Subordinate Loan
A second or third mortgage.

Survey
A precise measurement of a piece of property by a licensed surveyor.