Cutting wood precisely to fit an area. The term is used because the carpenter marks (scribes) before he makes his cut.

The level of the sea, at mean tide.

A physical impression made on a document to attest to a signature. Most common are corporate seal and notary seal.

See: Title Search.

A term referring to a land contract or mortgage, indicating that payments have been made regularly over a period of time, and that the contract or mortgage is not a new one.

The federal agency which regulates the stock market. It gets involved in real estate when the real estate development is one which sells shares.

See: Degree (1).

A measure of water; a flow of one cubic foot per second (almost seven and one half gallons).

In lumbering, the trees of a forest which grow after the original stand has been cut or otherwise destroyed.

A home that is not the primary residence of the owner but is not a rental property.

A mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.

A loan secured by a mortgage or trust deed, which lien is junior (secondary) to another mortgage or trust deed.

A location not considered the best (prime) for the purpose intended.

The buying and selling of first mortgages or trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value (par) or above, but are usually sold at a discount. The secondary mortgage market should not be confused with second mortgages.

A division or parcel of land on a government survey, comprising one square mile (640 acres). Thirty-six sections comprise a township.

The trading of one property for another rather than a sale of property and purchase of another. The actual transaction may involve a sale and repurchase but if done according to the requirements of IRS Section1031, it is treated as a trade. The taxpayer pays no tax on the transaction if no profit (boot) is made.

A government subsidized program under which low income tenants pay a portion of their rent and the government pays the balance. Landlords must place their property in the program and agree to certain restrictions on rent amounts and increases as well as eviction procedures.

A loan offering the lender more than just the borrower’s promise to repay. In real estate terms, a mortgage loan.

Mortgagee, beneficiary (under a deed of trust), pledgee, or any other party having a security interest.

Real or personal property pledged or hypothecated by a borrower, as additional protection for the lender’s interest.

A form once used in California which combines a land contract with a deed of trust, creating a land contract in order to defeat a first lender’s “due-on sale” (alienation) clause but having the foreclosure provisions of a deed of trust.