SALE AGREEMENT AKA PURCHASE AGREEMENT:
The contract that sets out the terms and conditions agreed to by the purchaser and the vendor in the sale of land.

SALE AND LEASEBACK or SALE-LEASEBACK:
An arrangement by which the owner occupant of a property agrees to sell all or part of the property to an investor and then lease it back and continue to occupy space as a tenant.   A situation whereby the owner of a piece of property wishes to sell the property and retain occupancy by leasing it from the buyer.

SALE OF PERSONAL RESIDENCE BY ELDERLY:
An income tax forgiveness program on capital gains realized by the elderly on the sale of their homes.

SALE PRICE AKA PURCHASE PRICE:
The monetary amount paid by the purchaser to the vendor for the property under the agreement.

SALES ASSOCIATE:
A real estate professional in the employ of another such real estate professional.

SALES COMPARISON APPROACH:
Method of estimating value of a property by comparing similar properties that have been sold recently.

SALES CONTRACT:
A contract by which buyer and seller agree to "terms of sale".

SALESMAN:
A natural person employed by a broker to do real estate acts for compensation or in expectation of compensation.

SANDWICH LEASE:
A leasehold interest which lies between the primary lease and the operating lease.

SATELLITE TENANT:
A smaller shop in a mall.

SATISFACTION:
Discharge of mortgage, trust deed or judgment lien from the records upon payment of the evidenced debt.

SATISFACTION OF MORTGAGE:
Written evidence from the lender that a loan has been paid out in full and the borrower released from any obligation to the lender.

SAVINGS AND LOAN ASSOCIATION (S&L):
Another form of mortgage lender.

SAVINGS ASSOCIATION INSURANCE FUND (SAIF):
The Federal Deposit Insurance Corporation (FDIC) insurance fund for deposits in savings and loan associations.

SCARCITY:
The number of properties in relation to the demand.  One of the four essential elements which create value.

SCENIC EASEMENT:
A right to the use of land which is given for the purpose of ensuring that the land is never developed and the natural beauty of the area is, as a result, preserved.

SCHEDULE:
A document attached to an instrument for registration or to a contract or agreement, which may contain information required in the instrument or extra terms of the contract.

SCHEDULED MORTGAGE PAYMENT:
The periodic payment the borrower is obliged to pay on a loan.

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SEAL:
An impression made to attest the execution of an instrument.

SEARCH:
An investigation, a review of public records for problems, concerns or simply for information. See TITLE SEARCH.

SEASONED LOAN:
A loan that has been in existence long enough to show a pattern of payments.

SEASONED MORTGAGE:
An old loan under which the borrower has proven to be capable of meeting loan obligations.

SECOND:
One sixtieth of a minute which is one sixtieth of a degree which is one 360th of a circle. Used in metes and bounds descriptions when astronomic bearings are used to describe directions.

SECOND MORTGAGE:
A mortgage loan which is registered on title after another mortgage (the first mortgage) and, therefore, is behind the first mortgage in priority. In the event of default and sale of the property, the second mortgagee will only be paid if there are funds left after the payment of the first mortgagee.

SECONDARY FINANCING:
A loan secured by a junior mortgage or trust deed on real property.

SECONDARY MARKET:
The purchase and sale of mortgages among lenders.

SECONDARY MORTGAGE MARKET:
Place where existing loans are bought and sold.

SECTION:
Section of land is established by government survey and contains 640 acres.

SECURED PARTY:
This is the party having the security interest. Thus, the mortgagee, the conditional seller, the pledgee, etc., are all now referred to as the secured party.

SECURITY:
An asset held as a guarantee of payment of a loan.

SECURITY AGREEMENT:
An agreement between the secured party and debtor which creates the security interest.

SECURITY DEPOSIT:
A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.  Money held by the landlord to ensure the tenant meets his obligations under the lease.

SECURITY DEVICE:
Document used when property is used as security for a loan. Trust deed, mortgage, land contract.

SECURITY INTEREST:
A term designating the interest of the creditor in the property of the debtor in all types of credit transactions. It, thus, replaces such terms as the following: chattel mortgage, pledge, trust receipt, chattel trust, equipment trust, conditional sale, inventory lien, etc.

SEE-THROUGH BUILDING:
Slang term for a property which is mostly empty of tenants.

SELF-AMORTIZING MORTGAGE LOAN:
A loan which will be paid off by the end of its term, such that its term equals its amortization period.

SELLER FINANCING:
Also known as vendor take-back mortgage or mortgage back, where the seller of a property agrees to payment of part of the purchase price over time with the debt to the seller registered on title as a mortgage.

SELLER'S MARKET:
Demand is greater than supply, such that the vendor may demand a higher price.

SELLER-TAKE-BACK:
See "seller financing".

SELLING AGENT:
The real estate professional who brings the eventual purchaser to the property and the vendor. As opposed to "listing agent".

SEMIANNUAL:
Occurring twice per year.

SEMIDETACHED HOUSING:
A dwelling that shares one side wall with another dwelling.

SEPARATE PROPERTY:
Property owned by a husband and wife which is not community property; property acquired by either spouse prior to marriage or by gift or devise after marriage.

SEPTIC SYSTEM:
A manner of dealing with sewage of a dwelling, through pipes into a septic tank.

SERIOUS DELINQUENCY:
The condition of being far behind in mortgage payments such that mortgage enforcement by the lender is imminent.

SERVICING (THE LOAN):
The act of collecting periodic payments toward a debt.

SERVICING FEE:
The fee charged to the borrower for the lender's costs of collecting payments and administering a loan.

SERVIENT ESTATE:
The piece of land which is subject to an easement. As opposed to the "dominant estate".

SERVIENT TENEMENT:
Property burdened by an easement.

SETBACK ORDINANCE:
The distance a building must be set back from the property lines in accordance with local zoning ordinances or deed restrictions.  An ordinance prohibiting the erection of a building or structure between the curb and setback line.

SETTLEMENT BOOK:
An information pamphlet given by lender to borrower which explains the process of the loan, settlement of the loan, etc.

SETTLEMENT COSTS:
See CLOSING COSTS.

SETTLEMENT SHEET:
The information sheet which sets out the allocation of funds on closing.

SEVER:
To divide one piece of property from another to be sold or used separately.

SEVERALTY:
Ownership of land by an individual.

SEVERALTY OWNERSHIP:
Owned by one person only. Sole ownership.

SEVERANCE:
The word for the act of dividing one property from another or splitting a property into pieces.

SHARED APPRECIATION MORTGAGE (SAM):
A loan arrangement which allows the lender to share, in exchange for a reduced interest rate, in any gain in the value of the property against which the mortgage is secured.

SHELL LEASE:
A rental agreement wherein the tenant rents the incomplete building and agrees to complete the interior work, such as plumbing, wiring, interior walls, floors, etc.

SHERIFF:
Enforcement officer in a jurisdiction, person charged with the responsibility of enforcing writs and liens against people.

SHERIFF'S DEED:
Deed given by court order in connection with the sale of property to satisfy a judgment.

SHERIFF'S SALE:
The forced sale of a property to satisfy a debt or judgment.

SIGN BACK:
The act of countering an offer with a return offer. The original offer document is amended, initialled by the person amending it, and sent back to the original offeror as a new, counter offer.

SIGNED SEALED AND DELIVERED:
A legal phrase suggesting that the party executing a document intends it to be enforceable even if no consideration is given to her for signing.

SIMPLE INTEREST:
A charge for the use of money which is calculated on a periodic basis as a percentage of the principal borrowed. No further interest is charged on interest accumulated in earlier periods.

SINGLE AGENCY:
The representation of only one party to a transaction.

SINGLE-FAMILY RESIDENCE (UNIT):
A property designed for the use and occupancy of one family group.

SINKING FUND:
Fund set aside from the income from property which, with accrued interest, will eventually pay for replacement of the improvements.

S.I.R.:
Society of Industrial Realtors.

SITE:
The location of something.

SOFT MARKET:
Also known as "buyers' market", when vendors far outnumber buyers and prices fall.

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SPECIAL ASSESSMENT:
Any special charge levied against real property for public improvements that benefit the assessed property.  Legal charge against real estate by a public authority to pay cost of public improvements such as street lights, sidewalks, street improvements, etc.

SPECIAL USE PERMIT:
A temporary exemption from zoning use by-laws or ordinances.

SPECIAL WARRANTY DEED:
An instrument of conveyance in which the vendor warrants she has done nothing to cloud title but nothing further.

SPECIAL-PURPOSE PROPERTY:
A piece of land specifically designed and improved for a specific purpose -- a school or hospital.

SPECIFIC LIEN:
A lien which affects only a particular parcel of property.

SPECIFIC PERFORMANCE:
Carrying out the precise terms agreed upon in a contract.  An action to compel performance of an agreement (eg. sale of land).

SPECULATIVE BUILDER:
A developer who constructs housing without pre-selling.

SPECULATOR:
Someone who buys property on the expectation that its value will increase and it will be sold at a profit.

SPILLOVER EFFECT:
The impact of changes to or development of one parcel of land on a neighboring or nearby parcel.

SPOT ZONING:
The practice of applying zoning ordinances or bylaws to specific properties when neighboring lands may be under a different classification.

SPOUSE:
A husband or wife.

SPREADING AGREEMENT:
A contract in which the borrower gives the lender additional security for a loan by allowing it to be lodged against other property owned by the borrower.

SQUARE-FOOT METHOD:
Method of estimating cost of construction on the basis of the area of the building to be built.

SQUATTER'S RIGHTS:
The legal rights to occupy a property which accrue to a person as a result of their long-time, open, notorious and adverse possession of it.

S.R.A.:
Designates a person who is a member of the Society of Real Estate Appraisers.

STAKING:
A surveyor's method of marking the boundaries of a property by placing a physical entity (a stake or bar) in the ground.

STAMP TAX:
The charge levied by governments on the transfer of property.

STANDARD DEPTH:
Generally the most typical lot depth in the neighborhood.

STANDARD MORTGAGE:
A mortgage which has equal periodic payments and is paid out at the end of its term.

STANDARD SUBDIVISION:
A subdivision composed of improved or unimproved lots or parcels.

STANDARDS OF PRACTICE:
A professional code of behavior for real estate professionals promulgated by the National Association of Realtors.

STANDBY COMMITMENT:
The mortgage banker frequently protects a builder by a "standby" agreement under which he agrees to make mortgage loans at an agreed price for many months in the future. The builder deposits a "standby fee" with the mortgage banker for this service. Frequently, the mortgage banker protects himself by securing a "standby" from a long-term investor for the same period of time, paying a fee for this privilege.

STARTER HOME:
A small home, inexpensive, suitable to first-time home buyers.

STATE STAMPS:
State levied land transfer taxes.

STATEMENT OF RECORD:
A filing required by the Department of Housing and Urban Development (HUD) from a developer with a project involving 50 or more lots who plans to market it across several states.

STATUTE:
A law enacted by a legislative body.

STATUTE OF FRAUDS:
State law which provides that certain contracts be in writing in order to be enforceable by law.

STATUTE OF LIMITATIONS:
A state law which prevents court actions by an injured party in a contract if not taken within specific time limits.

STATUTORY LIEN:
A claim which may be registered against property and is created by a law.

STOCK COOPERATIVE PROJECT:
A subdivision where title to the property is held by a corporation. Stockholders receive a right of possession of a particular apartment.

STRAIGHT LINE DEPRECIATION:
When a structure is depreciated at a constant rate throughout its useful life.

STRAIGHT NOTE:
A note where the principal is paid in a lump sum at the end of the term.

STRAW MAN:
A slang term for a trustee who purchases property on behalf of another who wishes to remain anonymous.

STREET ADDRESS:
See MUNICIPAL ADDRESS.

SUBDIVISION:
Real property divided for the purpose of sale, lease or finance whether now or in the future.

SUBDIVISION REGULATION(S):
Rules set out by the local government that set out minimum requirements for approval of a new subdivision.

SUBJECT BUILDING:
A term used to identify the building being dealt with, examined or considered, as distinguished from other buildings.

SUBJECT PROPERTY:
A term used to identify the property being dealt with, examined or considered, as distinguished from other properties.

SUBJECT TO:
An indication that title to a property includes an obligation of some sort, an easement, right of way, lien, right of claim. Opposite of "together with".

SUBJECT TO MORTGAGE:
When a grantee takes a title to real property subject to mortgage, he is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The most that he can lose in the event of a foreclosure is his equity in the property. See also "assumption of mortgage". In neither case is the original maker of the note released from his responsibility.

SUBLEASE:
A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damages, including those caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent.  A lease given by a lessee.

SUBLESSEE:
A tenant's tenant.

SUBLESSOR:
A tenant who leases the premises to another person.

SUBMARGINAL LAND:
Real property that could not be developed in a financially useful way.

SUBMORTGAGE:
Where a mortgage is pledged as security for a loan to the mortgagee (the original lender).

SUBORDINATE FINANCING:
See SECONDARY FINANCING.

SUBORDINATE:
To make subject to or junior to.

SUBORDINATION:
Placing the right of one person behind those of another.

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, as for example, the liens of construction loans.

SUBPOENA:
A 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. The doctrine is used very often where one person agrees to stand surety for the performance of a contract by another person.

SUBSTITUTE OF TRUSTEE:
An instrument registering a change of trustee under a deed of trust.

SUBSTITUTION, PRINCIPAL OF:
Affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property assuming no costly delay is encountered in making the substitution.

SUCCESSION:
Acquiring property of a deceased person who died intestate.

SUFFERANCE:
A legal concept, the deemed consent to the actions of another person which results when a person who could be expected to react to the other person's actions refuses to do so.

SUIT:
A legal action commenced to enforce a claim or right.

SUM-OF-THE-YEARS-DIGITS DEPRECIATION:
An accelerated method of computing depreciation.

SUPERADEQUACY:
A feature of a property which may not be recognized fully in the price of the property.

SUPPLY AND DEMAND, PRINCIPLE OF:
Affirms that price or value varies directly, but not necessarily proportionally, with demand, and inversely, but not necessarily proportionally, with supply.

SUPPORT DEED:
An instrument conveying ownership of land in exchange for a promise on the part of the grantee to care for the grantor for his lifetime.

SURETY:
One who guarantees the performance of another; guarantor.

SURETY BOND:
A legal document issued to assure the completion of an act by another person.

SURFACE RIGHT:
A legal interest in the use or occupation of the top of land. As opposed to "subsurface" or "mineral rights".

SURFACE WATER:
Water not contained in a regularly defined channel.

SURPLUS FUNDS:
Money gained in a mortgage enforcement sale of property which is in excess of the money required to satisfy the mortgage, interest, penalties, and costs.

SURPLUS PRODUCTIVITY, PRINCIPLE OF:
Affirms that the net income that remains after the proper costs of labor, organization and capital have been paid, is imputable to the land and tends to fix the value thereof.

SURRENDER:
To give up, to turn over something to a person claiming interest in it.

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

SURVEYOR:
A professional who is trained to map out land and improvements to land accurately.

SURVIVORSHIP:
The condition of outliving others. Surviving joint tenants have the right to take title to the land from a deceased joint tenant by right of survivorship.

SWEAT EQUITY:
Slang term for the contribution to the value of a property made by manual labor.

SWEETENER:
Slang term for an added incentive to a party to induce her to enter a transaction.

SWING LOAN:
A short-term loan designed to bridge the borrower's finances between two events. For example, a person who buys a new home in April but cannot sell her old home until June may require a swing loan to carry both homes for the interim period until the old home may be sold and the proceeds used to pay out the swing loan. Also known as "bridge financing".

SYNDICATE:
A group of investors who pool their money for a common investment.



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