Glossary

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S

Second Mortgage

An additional mortgage on a property that already has a mortgage.



Statement of Adjustment

A balance sheet statement that indicates credits to the vendor, such as the purchase price and any prepaid taxes, and credits to the buyer, such as the deposit and the balance due on closing.



Survey

A document that illustrates the property boundaries and measurements, specifies the location of buildings on the property, and indicates any easements or encroachments.



 

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