Safety Margin:
In income property, a dollar or percentage factor that serves as a financial cushion for the lender between the obligation of an owner to pay annual debt service and the forecasted net operating income from the property under consideration.

Schedule:
In real estate, a supplementary form completed and included with the real estate purchase contract for the benefit of a buyer in a real estate transaction.

Second Mortgage:
This is usually mortgage at a higher interest rate and represents the difference between the price of the house and first mortgage plus the down-payment. May be obtained from banks and finance companies or through lawyers or notaries.

Seller's Agent:
The Seller's Agent represents the seller -- either as a Listing Agent under the listing agreement with the seller or by cooperating as a Sub-Agent, typically through the MLS® system. In dealing with prospective buyers -- customers-- the Seller's Agent can provide a variety of information and services to assist the buyer in his/her decision-making. The Seller's Agent does not represent the buyer.

Sandwich Lease:
A leasehold interest in a property created by means of a sublease from the leasee to a sublessee.

Special Tax:
A levy imposed by a municipality on property owners to fund construction of a project that will benefit a defined area.

Specification Form:
A document stipulating the kind, quality and sometimes the quantity of materials and workmanship required in the construction of a particular house.

Survey:
A certificate prepared by a qualified surveyor showing the home and other buildings relative to the property boundary.