Dictionary

a b c d e f g h i j k l m n o p q r s t u v w x y z
Service Plans

An arrangement by a pre-paid Health Services Organization to pay certain providers of health-care services directly for rendering approved services to covered persons. HMOs are the best known — but not the only — form of pre-paid service plans.

Servicer

An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.

Servicing

The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

Servient Tenement

Land on which an easement exists in favor of an adjacent property.

Setback

The amount of space local zoning regulations require between a lot line and a building line.

Settlement

See closing.

Settlement Option

The method of receiving Life insurance proceeds. Generally, there are five Life insurance Settlement Options: Cash, Interest, Fixed Period, Fixed Amount or the beneficiary may use the proceeds of the policy to purchase an Annuity (remember the acronym of C-I-F-F-A). Proceeds paid to the beneficiary of a Life policy are tax free. However, if the beneficiary selects the Interest Option, the interest received will be taxable to the beneficiary.

Settlement Sheet

See HUD-1 statement.

Severalty

Ownership of real property by one person or one legal entity only.  Also called sole ownership.

Severance

Changing an item of real estate to personal property by detaching it from the land (for example cutting down a tree).