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sale and leaseback |
A transaction in which an owner sells his or
her improved property and, as part of the same transaction, signs a
long-term lease to remain in possession of the premises. |
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sales contract |
A contract containing the complete terms of
the agreement between buyer and seller for the sale of a particular
parcel or parcels of real estate. |
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salesperson |
A person who performs real estate activities
while employed by, or associated with, a licensed real estate broker. |
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satisfaction |
A document acknowledging the payment of
a debt.
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secondary mortgage market |
A market for the purchase and sale of existing
mortgages, designed to provide greater liquidity for mortgages; also
called the secondary money market. In the primary mortgage
market, only primary, or first, mortgages are originated. |
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section |
A portion of a township under the rectangular
survey system (government survey method). A township is divided into 36
sections numbered I to 36. A section is a square with mile-long sides
and an area of one square mile, or 640 acres.
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Sellers market |
an inflated housing market in which there a more buyers on the market
than sellers or homes. Sellers markets usually reflect increasing
housing prices over the short term. |
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selling broker |
See LISTING BROKER. separate
property See COMMUNITY PROPERTY. |
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servient tenement |
Land on which an easement exists in favor of
an adjacent property (called a dominant estate); also called servient
estate. |
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setback |
The amount of space local zoning
regulations require between a lot line and a building line |
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severalty |
Ownership of real property by one person only,
also called sole ownership. |
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situs |
The personal preference of people for one area
over another, not necessarily based on objective facts and knowledge. |
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single family detached home |
a home that is not attached to another family dwelling, generally
has its own yard, and is the most common family housing that you will
encounter. |
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sole ownership |
See SEVERALTY. |
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special assessment |
A tax or levy customarily imposed against only
those specific parcels of real estate that wifi benefit from a proposed
public improvement, such as a street or sewer. |
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special warranty deed |
A deed in which the grantor warrants or
guarantees the title only against defects arising during the period of
his or her tenure and ownership of the property and not against defects
existing before that time, generally using the language, “by, through,
or under the grantor but not otherwise.”
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specific lien |
A lien affecting or attaching only to a
certain, specific parcel of land or piece of property. specific
performance suit A legal action brought in a court of equity in special
cases to compel a party to carry out the terms of a contract. The basis
for an equity court’s jurisdiction in breach of a real estate contract
is the fact that land is unique and mere legal damages would not
adequately compensate the buyer for the seller’s breach.
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statute of frauds |
That part of a state law which requires
that certain instruments, such as deeds, real estate sales contracts,
and certain leases, be in writing in order to be legally enforceable.
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statute of limitations |
That law pertaining to the period of
time within which certain actions must be brought to court.
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Statutory Building Schemes |
A Special form of Restrictive Covenant
that is initiated by the developer to establish special building and
design guidelines and land use controls for the subdivision. These
restriction typically exceed those of the local municipality. |
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statutory lien |
A lien imposed on property by statute,
such as a tax lien, in contrast to a voluntary lien which an owner
places on his or her own real estate, such as a mortgage lien.
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steering |
The illegal practice of channeling home
seekers to particular areas, either to maintain the homogeneity of an
area or to change the character of an area in order to create a
speculative situation.
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straight-line method |
A method of calculating depreciation for
tax purposes, computed by dividing the adjusted basis of a property less
its estimated salvage value by the estimated number of years of
remaining useful life.
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subcontractor |
a contractor who accepts a job assignment
from an individual to perform a specific task for a fee. See
GENERAL CONTRACTOR.
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subdivision |
A tract of land divided by the owner,
known as the subdivider, into blocks, building lots, and streets
according to a recorded subdivision plat, which must comply. with local
ordinances and regulations.
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subletting |
The leasing of premises by a lessee to a
third party for part of the lessee’s remaining term. (See also
ASSIGNMENT.)
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subordination |
Relegation to a lesser position, usually
in respect to a right or security. subrogation The substitution of one
creditor for another, with the substituted person succeeding to
the legal rights and claims of the original
claimant.
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Subrogation |
When a party pays off a debt for another
individual and then pursues the debtor for repayment of this debt.
Subrogationis used by title insurers to acquire rights to sue from the
injured party to recover any claims they have paid. |
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substitution |
An appraisal principle which states that
the maximum value of a property tends to be set by the cost of
purchasing an equally desirable and valuable substitute property,
assuming that no costly delay is encountered in making the substitution.
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suit for possession |
A court suit initiated by a landlord to evict
a tenant from leased premises after the tenant has breached one of the
terms of the lease or has held possession of the property after the
lease’s expiration
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suit to quiet title |
A court action intended to establish or
settle the title to a particular property, especially when there is a
cloud on the title.
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sum-of-the-years’-digits method |
A method of calculating depreciation for
tax purposes based on a fraction—the constant sum of all the numbers in
the property’s useful life is the denominator, and the changing number
of remaining useful years is the numerator.
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supply |
The amount of goods available in the market to
be sold at a given price. The term is often coupled with demand.
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surety bond |
An agreement by an insurance or bonding
company to be responsible for certain possible defaults, debts, or
obligations contracted for by an insured party; in essence, a policy
insuring one’s personal and/or financial integrity. In the real estate
business, a surety bond is generally used to insure that a particular
project will be completed at a certain date or that a contract will be
performed as stated.
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syndicate |
A combination of persons or firms to
accomplish a joint venture of mutual interest.
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