In real estate and finance, security refers to real or personal property that is pledged or hypothecated by a borrower to protect the lender’s interest. The property serves as collateral to ensure repayment of a loan or performance of an obligation. If the borrower...

In real estate and finance law, a secured party is the person or entity that holds a security interest in property to secure the performance of an obligation. This party has legal rights in the collateral until the debt or obligation is satisfied. Examples of secured...

In real estate and land surveying, a section is a unit of land measurement used in the government, or rectangular, survey system. A section consists of one square mile, totaling 640 acres. Sections are used as part of legal land descriptions and are numbered within a...

In real estate finance, a second mortgage is a loan secured by a mortgage that has a lower priority than an existing first mortgage. Its lien ranks after the first mortgage in terms of legal precedence. Because a second mortgage is subordinate to the first, it carries...

In real estate finance, the secondary mortgage market is the marketplace in which existing first mortgages or deeds of trust are bought and sold. This market allows lenders to convert mortgage loans into cash, enabling them to replenish funds for new lending....

In real estate finance, secondary financing refers to a loan secured by a mortgage or deed of trust that is junior in priority to an existing primary loan. The lien securing the secondary loan is subordinate to the first mortgage or trust deed. Because secondary...

In real estate and legal practice, satisfaction refers to the discharge of an obligation through full payment of the amount due. It commonly applies to the payoff of a mortgage or deed of trust or the payment of a debt established by a judgment. Once an obligation is...

In real estate and building construction, a sash is the frame that holds one or more panes of glass in a window. Sashes are typically made of wood, metal, or other durable materials. The sash fits within the window frame and may be fixed or operable, allowing the...

In real estate appraisal and taxation, salvage value refers to the estimated fair market value of a property or improvement at the end of its useful life. It represents the amount that is reasonably anticipated to be recoverable when the property is no longer...

In real estate transactions, a sales contract is an agreement in which a buyer and a seller mutually agree to the terms and conditions of a property sale. It sets forth the rights and obligations of each party. The sales contract typically includes the purchase price,...