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Sales contract. A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. Second mortgage. A mortgage that is subordinated to the rights of the first mortgage holder. Secondary mortgage market. The buying and selling of existing mortgages. Seller take-back. An agreement in which the owner of a property provides financing often in combination with an assumed mortgage. Seller’s agent. A real estate agent who represents the property owner, the seller; also a listing agent. Settlement sheet. The computation of costs payable at closing which determines the seller’s net proceeds and the buyer’s net payment. Survey. A drawing showing the legal boundaries of a property. |
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