Miami Office:
4000 Ponce de Leon Blvd
Suite 470
Coral Gables, Florida 33146

Phone: (305) 777-0482
Fax: (305) 675-3271

Boca Raton Office:
6111 Broken Sound Pkwy NW
Suite 330
Boca Raton, Florida 33487

Phone: (561) 443-7124
Fax: (561) 431-0419

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GLOSSARY-S

Satisfaction of Mortgage
A document signed by a lender attesting that a mortgage has been paid in full, and which must be then recorded by a County Recorder or Recorder of Deeds in order to clear the property title for the owner who has paid off the debt.

Secret Rebate
Money that is given by a business to a particular customer with preference over the general public, or by a sub-contractor to a general contractor that is not reflected on a job estimate. In most states, both practices are illegal, unfair business practices and are subject to criminal penalties or the refusal of a court to enforce any contract, whether written or oral in nature, that contains such a provision.

Serious Deliquency
Refers to a mortgage that is 90 days or more past due.

Setback
The distance between a property line and the area where construction can actually take place, used to assure that space exists between buildings and away from roads, for drainage, utilities, or any other necessary purposes.

Settlement Statement
Required by the Real Estate Settlement Procedures ACT, or RESPA, an itemized document of all services and charges related to the closing of a property exchange. A buyer has the right to examine this statement 1 day before close of sale.

Severable Contract
An agreement between parties that is comprised of multiple, separate agreements; a breach of one agreement, or contract, is not considered a breach of all contracts, and may not be used as an excuse for  the other party to refuse to honor portions of the contract that have not been breached.

Special Forbearance
An option for the mitigation of loss in which a lender creates a revised payment plan for a borrower that may include a temporary reduction or suspension of monthly payments on a loan.

Sub-Prime Loan
A term used in the finance industry to describe loans that have less restrictive lending and underwriting terms and conditions and, due to a higher risk of default, enable lenders to charge higher interest rates and fees.

Sweat Equity
Refers to labor used to build or improve a property that is considered to be part of a down payment.