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Sale-leaseback
The sale and subsequent leasing back by the seller-lessee. Sandwich Lease A leasehold interest of a sublessor which lies between the primary lease (owner) and the operating lease (user). Satisfaction of Mortgage An instrument used when a lien is paid off and satisfied on the records; also called satisfaction piece. Second Mortgage A mortgage that has a lien position subordinate to the first mortgage. Secondary Mortgage Market The marketplace for the sale and purchase of existing mortgages Section A section of land established by a government survey containing 640 acres, or 1 square mile. Also a portion of a tax map description. Secured Loan A loan that is backed by collateral. Security Deposit A deposit made to assure performance of an obligation, usually by a lessee. Seisin Possession of real property by one entitled thereto; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal title; also seizen. Seller Carry-back An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. Septic Tank An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off. 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. Servient Estate An estate of land over which an easement exists in favor of the dominant estate; servient tenement. Servicing The collection of mortgage payments from borrowers and related responsibilities of a loan servicer. Setback An ordinance prohibiting the erection of a building or structure between the curb or other established line and the setback line; the distance a house must be set back from the street in accordance with local zoning rules. Severalty Sole or independent ownership. Severance Damages Damages paid to an owner when his property has been partially taken by condemnation, thus reducing the highest and best use of the remaining land. Simple Interest Interest computed upon the declining balance of a particular amount; as principal declines so does the interest payment. Single Agency The brokerage practice of representing only one party to a real estate transaction whether the buyer or the seller, never both. Sinking Fund Periodic deposits of money into an account that, with its interest earnings, will be used to replace assets or to retire loans. Site Office A temporary place of business other than the principal place of business or branch office. Sky Lease A lease of space above a piece of real estate. Special Agent A person who is authorized to perform only certain specified functions on behalf of his principal, such as a broker. Special Assessment An assessment generally made against only those specific parcels of realty directly benefiting therefrom. Special Warranty Deed A deed in which the grantor warrants or guarantees the title only against defects arising during their ownership of the property and not against defects existing before the time of his ownership. Specific Performance A remedy, which the court will grant in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract. Spot Zoning Allows one property in an area to be zoned differently than the rest. Statute A law established by an act of the legislature. Statute of Frauds State law requires among other things that certain contracts relating to real estate must be in writing to be enforceable at law. Statute of Limitations Laws setting forth the period of time in which suit can be brought for a particular act. Steering Directing prospective buyers or tenants into or away from certain areas on discriminatory grounds. Step-Up Lease A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; graduated lease, graded lease. Straw Man One who purchases property for another to conceal the identity of the real purchaser; a dummy purchaser; a nominee. Sub-agent An agent working under the main agent, such as a salesperson for a listing broker. Subdivision A housing development that is created by dividing a tract of land into individual lots for sale or lease. Sublease A lease given by a lessee for a portion of the unexpired balance of his term. Subordination Clause A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance. Subrogation The substitution of one person in place of another with reference to a lawful claim, demand or right, so that they succeed in such rights of the other. Summary Possession A process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he should not be evicted. Also called Dispossess Proceeding or Unlawful Detainer. Surety One who becomes a guarantor for another. Surrender The cancellation of a lease by an act of mutual consent of lessor and lessee. Survey The process by which a parcel of land is measured and its area ascertained. Syndication Multiple ownership of an investment, usually in the form of a limited partnership. |
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