Sale And 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 - One that is recorded after a first mortgage, thus, second in priority.
Secondary Mortgage Market - The marketplace for the sale and purchase of existing mortgages.
Section - A section of land established by government survey containing 640 acres, or I square mile. Also, a portion of a tax map description.
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.
Septic Tank - An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.
Servient Estate - An estate of land over which an easement exists in favor of the dominant estate:
servient tenement.
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 he set hack 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.
SimpleInterest - 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 he used to replace assets or to retire loans.
SiteOffice - 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.
SpecialAgent - One authorized to perform limited specific functions.
SpecialAssessment - An assessment generally made against only those specific parcels of realty directly benefiting there from.
Special Warranty Deed - A deed in which the grantor warrants or guarantees the title only against detects arising during his ownership 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 w 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 discrimination 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.
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 he succeeds to such rights of the other,
Summary Possession - When for good reason a landlord may terminate a lease and the tenant must appear and show cause why he should not he 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.