A type of real estate transaction where the seller transfers the title to the buyer upon purchase, but then rents the property from the new owner.
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Terms starting with: S
Sales contract
A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an “Agreement of Sale.”
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Schedule I banks
A designation in the Bank Act that refers to Canadian-owned banks that are widely held.
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Schedule II banks
A designation in the Bank Act that refers to foreign-owned banks and closely held Canadian banks.
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Second mortgage
A mortgage loan that takes priority after a first mortgage on a registered land title.
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Secondary mortgage market (SMM)
This market refers to mortgage loans that are bundled together and sold as securities to investors.
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Secured debt
A debt that is secured by a lien on a debtor’s property (typically a mortgage loan) that may be taken by the creditor if the debtor defaults on his or her payments.
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Secured loan
A loan that requires the borrower to provide collateral in order to borrow money or acquire financing.
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Security
Something deposited or given as assurance of the fulfillment of an obligation.
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Self-employed
An individual who owns and operates a trade or business rather than working as an employee for company.
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