Glossary |
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| There are 11 entries in the glossary. |
| Pages: 1 |
| Sale Date Inspection | An inspection to determine the physical condition of a property and report any damage or unsecured conditions so that ownership of the property may occur on a certain date. Must be performed on the specific date given in your inspection order form.
If contact is not made with occupant, check with neighbors, check the name on utilities and check local phone books for listings. Limited communication with third parties to inquire about the name of the property occupant |
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| Scope of Damage | The list of injuries or harm to an insured property usually prepared by an insurance adjuster to determine the amount of insurance claim to be paid, or by a construction contractor determining a bid for the repairs.
The insurance adjuster will prepare an estimate for the damages based on the scope using a computerized estimating platform. You may also have a contractor of your choice prepare a repair estimate based on the same SCOPE OF DAMAGES. |
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| Secure Pool to Area Specification | Secure the pool or hot tub at the property
according to the regulatory requirements for the loan type. This could include
decking, screening, pumping water out of the pool, chemical treatment and
padlocking the pool gate if required. If no regulatory guidelines are applicable
for the loan type, the HUD guidelines, and pricing schedule, are to be followed.
If the work cannot be completed for the
published price, an estimate is to be provided to complete the securing. |
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| Sheriff Assisted Lock Out | When the owner of a property has followed the legal requirements for eviction and has obtained a court ordered eviction of the occupant of a property the Sheriff of the county directs and witnesses the eviction.
In the mortgage field services industry, Property Preservation personnel normally provide the labor for moving personal belongings out of the property and changing any locks if so directed by the Sheriff.
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| Sheriff's Sale | In some states, the foreclosure process finishes with a “sherrif’s sale” of the home. The county sherriff holds an auction where all interested parties make a bid for the home. Most often a representative of the bank is the only bidder for the home. |
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| Short Sale | When a seller is in a distressed situation and the offer that is submitted does not cover the expenses to sell the home and pay off the lender, the seller may ask the bank to take a “short payoff” on the loan, meaning to accept less than what was owed. Banks will sometimes do this because they do not want to own homes. They want to make loans. Each circumstance is different and the bank is not required to accept any short payoff. |
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| Signing Agent | Signing Agents are notaries public who specialize in the process of obtaining and notarizing the signatures on loan documents.
Lenders rely on a Signing Agent to complete the signing portion of the transaction and assist borrowers with proper execution of the documents.
A Signing Agent may answer \"what\" (give a definition) but not \"why\" (regarding terms and conditions.) Signing Agents can \"identify\" (point out key features and secure proper signatures), but do NOT \"explain.\" Borrowers are referred back to the document originator for \"why\" or explanations other than definitions.
The signing agent makes sure each signer is physically present, is identified appropriately, that all documents are signed and initialed, and that each signature that requires notarization is properly notarized and that all documents are returned to the form originator. |
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| Site Survey | This inspection provides the approximated distances between two points of reference when it is necessary to isolate where a structure is placed relative to the lot lines of the property, or landmarks. All measurements for this type of inspection are completed and determined by a field inspector, not a licensed surveyor, and are not precise measurements for legal documentation. Where exact measurements are required, a land survey from a licensed surveyor will be requested. |
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| Snow Removal | Remove snow from a property. |
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| Stealing | To take (the property of another) without right or permission. |
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| Success |
At age 4 success is . . not peeing in your pants
At age 12 success is . having friends
At age 16 success is . . . having a drivers license
At age 35 success is . having money
At age 50 success is . . . having money
At age 70 success is . . . having a drivers license
At age 75 success is . having friends
At age 80 success is . not peeing in your pants
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