San Dieguito Escrow Home

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Term Definition
Sale Agreement

A contract entered into between a buyer and seller, setting forth the terms, provisions and conditions of a sale of real estate.

Sale and Leaseback

The sale of an asset to a buyer who immediately leases it back to the seller.

Search

A careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title.

Second Mortgage

A mortgage ranking in priority immediately below a first mortgage.

Subordination

The act or process by which a person's rights are ranked below the rights of others. For example, a second mortgagee's rights are subordinate to those of the first mortgagee.

Surety

A person who agrees to be responsible for a debt or obligation of another.

The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.

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