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Sale-Leaseback:

An arrangement by which the owner occupant of a property agrees to sell all or part of the property to an investor and then lease it back and continue to occupy space as a tenant. Although the lease technically follows the sale, both will have been agreed to as part of the same transaction.

Second mortgage

A mortgage, which has a lien position subsidiary to the first mortgage.

Setback

The distance from reduce property line or other reference point, within that building is prohibited.

Survey

The procedure by which a parcel is calculated and its boundaries and contents ascertained. Done by a professional engineer, Typically Lenders and Title companies require a current survey.

Seller's Market

A hot real estate market in which sellers have the benefit and further multiple offers are common.

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