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  • Sale-Leaseback: Where the owner of property wishes to sell the property and retain occupancy by leasing it from the buyer.

  • Sandwich Lease: Leasehold interest that lies between the primary lease and the operating lease.

  • Satisfaction: Discharge of mortgagee, trust deed or judgment lien from the records upon payment of the evidenced debt.

  • Seasoned Loan: Loan that has been in existence long enough to show a pattern of payments.

  • Secondary Financing: A loan secured by a junior mortgage/trust deed on real property.

  • Secondary Mortgage Market: Place where existing loans are bought and sold.

  • Secured Party: This is the party having the security interest. Thus the mortgage, the conditional seller, the pledgee, etc., all referred to as the secured party.

  • Security Agreement: Agreement between the secured party and the debtor that creates the security interest.

  • Section: Section of land is established by government survey and contains 640 Acres.

  • Separate Property: Property owned by a husband and wife that is not community property.

  • Servient Tenement : Property burdened by an easement.

  • Setback Ordinance: An ordinance prohibiting the erection of a building or structure between the curb and the setback line.

  • Severalty Ownership: Owned by one person only.

  • Sheriff's Deed: Deed given by court order in connection with sale of property to satisfy a judgment.

  • Situs: Location. Land.

  • Social Obsolescence: Economic obsolescence.

  • Special Assessment: Legal charge against real estate by a public authority to pay cost of public improvements, sidewalks, etc.

  • Specific Performance: An action to compel performance of an agreement.

  • S.R.A.: member of the Society of Real Estate Appraisers.

  • Statute: A law enacted by a legislative body.

  • Statute Of Frauds: State law that provides that certain contracts must be in writing in order to be enforceable buy law.

  • Statute of Limitations: A state law that prevents court action by an injured party in a contract if not taken within specific time limits.

  • Straight Line Depreciation: Definite sum set aside annually from income to pay cost of replacing improvements, without reference to interest it earns.

  • Straight Note: Promissory note where the principal is paid in a lump sum at the end of the term.

  • Subject To Mortgage: When a grantee takes a title to real property subject to an existing mortgage, he is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The maker of the note is not released from his responsibility.

  • Sublease: A lease given by a lessee.

  • Subordinate: To make subject to, or junior to.

  • Subordination Clause; Clause in a junior or a second lien permitting retention of priority. A subordination clause may also be used in a first deed of trust permitting it to be subordinated to subsequent liens. Example: the liens of construction loans.

  • Subpoena: Process to cause a witness to appear and give testimony.

  • Subrogation: The substitution of another person in place of the creditor, to whose rights he succeeds in relation to the debt. Often used where one person agrees to stand surety for the performance of a contract by another person.

  • Succession: Acquiring property of a deceased person who died intestate.

  • Surety: One who guarantees the performance of another; guarantor.

  • Survey: The process by which a parcel of land is measured and its area is ascertained.

  • Syndicate: Group of investors who pool their money for a common investment.

  • Take-Out Loan: Loan arranged by the owner or builder-developer for a buyer. The construction loan made for construction of the improvements is usually paid from the proceeds of this loan.

  • Tangible Personal Property: Personal property having substance that can be delivered from one person to another.

  • Tax-Free Exchange: A "like kind" exchange of properties for the purpose of deferring income tax.

  • Tax Sale: Sale of property after a period of nonpayment of taxes.

  • Tenancy At Sufferance: An estate held by a tenant when his right to possess the property has expired.

  • Tenancy At Will: An estate for an indefinite period that may be terminated at the will of either the landlord or the tenant.

  • Tenancy From Period-To-Period: Leasehold estate continuing from period to period until the landlord or the tenant gives notice.

  • Tenancy In Common: Ownership by two or more persons who hold undivided interest, without right of survivorship; interests need not be equal.

  • Tender: An offer of performance. If it is unjustifiably refused, it places the other party to a contract in default.

  • Tenement: All rights in land that pass with a conveyance of the land.

  • Time If Of The Essence: One of the essential requirements to forming of a binding contract; contemplates a punctual performance.

  • Title: Evidence that owner of land is in lawful possession there of; and instrument evidencing such ownership.

  • Title Insurance: Insurance written by a title company to protect property owner against loss if title is imperfect.

  • Title Vesting: The way that title is held by the owner.

  • Torrens Title: A system of land registration operated by a state.

  • Tort: Wrongful act; wrong, injury; violation of a legal right.

  • Township: A territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square.

  • Trespass: An invasion of an owner's rights in property.

  • Trust Deed: Deed given by borrower to beneficiary to be held pending fulfillment of an obligation, which is ordinarily repayment of a loan.

  • Trust Account: A neutral bank account maintained by a broker for the deposit of money entrusted with him.

  • Trustee: One who holds property in trust for another to secure the performance of an obligation.

  • Trustee's Deed: A deed given by trustee when property is foreclosed and sold at a trustee's sale.

  • Trustor: One who deeds his property to a trustee to be held as security until he has performed his obligation to a lender under terms of a deed of trust.

  • Underwriting: The technical analysis by a lender to determine the borrower's ability to repay a contemplated loan.

  • Undivided Interest: The interest of a co-owner in real property. His interest cannot be separated without court action.

  • Undue Influence: Taking any fraudulent or unfair advantage of another's weakness of mind, or distress or necessity.

  • Unilateral Contract: An exchange of a promise for an act. Only one party is bound to perform. The giver of an option.

  • Unlawful Detainer Action: A court suit to evict a tenant.

  • Use Tax: A tax charged on goods purchased from out-of-state and used within a state, like a sales tax.

  • Usury: On a loan, claiming a rate of interest greater than that permitted by law.

  • Valuation: Estimated worth or price. The act of valuing by appraisal.

  • Variable Interest Rate: Interest rate in a loan that can be changed upon the happening of a certain event.

  • Variance: Rezoning of a single parcel.

  • Vendee: Purchaser; buyer.

  • Vendor: Seller.

  • Verification: Sworn statement before a duly qualified offer to correctness of contents of an instrument.

  • Vested: Bestowed upon someone: secured by someone, such as title to property.

  • Void: To have no force or effect: that which is unenforceable.

  • Voidable: That which is capable of being adjudged void, but is not void unless action is taken to make it so.

  • Voluntary Lien: Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.

  • Waive: To relinquishing, or abandon; to forego a right to enforce or require anything.

  • Waiver: Relinquishing a right.

  • Warehousing: Using existing loans as security for another loan. Warehousing involves mortgage portfolios.

  • Warranty Deed: A deed used to convey real property that contains warranties of title and quiet possession, and the grantor, thus, agrees to defend the premises against the lawful claims of their persons.

  • Waste: The destruction, or material alteration of, or injury to premises by a tenant for life or years.

  • Will: A document that provides for the disposition of property upon a person's death.

  • Wraparound Mortgage: Involves the borrower entering into a second mortgage. This arrangement represents the means by which he can add to his development without refinancing the first mortgage at substantially higher current rates.

  • Writ of Execution: A court order used to sell property to satisfy a debt.

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