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Canadian Real Estate / Mortgage Glossary : S

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

 Sale-leaseback
A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.

 Sales Contract
A written document in which a purchaser agrees to buy property under certain given conditions, and the seller agrees to sell under certain given conditions. Also known as an "Agreement of Sale."

 Schedule I Banks
A designation in the Bank Act that refers to Canadian-owned banks that are widely held, i.e., ones in which no one owner holds more than 10% of shares.

 Schedule II Banks
A designation in the Bank Act that refers to foreign-owned banks and closely held Canadian banks, i.e., banks in which an owner may hold more than 10% of outstanding stock.

 Schematic Designs
Structural plans for a building's mechanical systems, such as its plumbing and electrical functions.

 Seasonal Unemployment
The loss of jobs due to changes in the climate and other conditions. Forestry, fishing and construction are affected by climate, while retailing is affected by seasons and holidays. For instance, at Christmas, retail employment is higher than in January.

 Second Mortgage
A mortgage which ranks after a first mortgage in priority on a registered land title.

 Secondary Mortgage Market
The trade in home loans that are bundled together and sold as securities to investors. It frees money so more people can get mortgages.

 Secured Card
A credit card that a cardholder secures with a savings deposit to ensure payment of the outstanding balance if the cardholder defaults on payments. It is used by people new to credit, or people trying to rebuild their poor credit ratings.

 Secured Debt
A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of non-payment by the debtor. A common example is a mortgage loan.

 Secured Loan
Borrowed money that is backed by collateral.

 Securities
Negotiable instruments such as stocks and bonds.

 Securities/Investment Dealer
One who acts as the agent for another party to buy and sell securities and other investments; also an underwriter.

 Security
Property designated as collateral.

 Security Deposit
In automobile leases, sometimes called reconditioning reserve. An amount, often the same as one month's payment, the dealer holds to be sure that the car will be returned in good condition. It is to be returned, less fees and damage charges, at the end of the lease.

 Self-Employed Person
A person who runs a trade or business, rather than working as an employee for someone else. You are self-employed if you are a sole proprietor or a partner working in a business. You can be an employee and self-employed at the same time if you have an independent business outside your regular employee hours. To qualify for many business tax exclusions and deductions, the enterprise must make a profit in three of five years. In most cases in order to qualify you must take and average of the last 2-3 years tax assessments.
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 Seller Broker
One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.

 Seller Carryback or Transfer Back
A form of financing in which the seller of a property accepts a down payment and agrees to accept payments until the property is paid for.

 Seller's Market
A market where a seller is expected to sell quickly and for market or above market value.

 Semi-custom Home
A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.


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