Chicago Real Estate Glossary S
(Slum Area - Sweat Equity)
A1 | A2
| A3 | A4 | B1 | B2 | B3
| C1 | C2 | C3
| D1 | D2 | E1
| E2 | F1 | F2
| F3 |
G1 | G2 | H1
| H2 | I1 | I2
| J | K | L1
| L2 | L3 | M1
| M2 | M3 | N
| O1 | O2
| P1 | P2 | Q
| R1 | R2 | S1
| S2 | T1 | T2
| U | V1 | V2
| W1 | W2 | X
| Y | Z
Slum Area
Depressed and poorly kept locality, with vacant building, which may
also be a high crime area. Poor and homeless often live in slum areas.
Special Deposit Account
An account that is established for rehabilitation mortgages to hold
the funds needed for the rehabilitation work so they can be disbursed
from time to time as particular portions of the work are completed.
Standard Payment Calculation
The method used to determine the monthly payment required to repay the
remaining balance of a mortgage in substantially equal installments
over the remaining term of the mortgage at the current interest rate.
Step-rate Mortgage
A mortgage that allows for the interest rate to increase according to
a specified schedule, resulting in increased payments as well. At the
end of the specified period, the rate and payments will remain constant
for the remainder of the loan.
Subdivision
A housing development that is created by dividing a tract of land into
individual lots for sale or lease.
Subordinate Financing
Any mortgage or other lien that has a priority that is lower than that
of the first mortgage.
Survey
A drawing or map showing the precise legal boundaries of a property,
the location of improvements, easements, rights of way, encroachments,
and other physical features.
Sweat Equity
Contribution to the construction or rehabilitation of a property in
the form of labor or services rather than cash.