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S
There are 24 entries in the definition.
Pages: 1
Term Definition
Sale AgreementA contract entered into between a buyer and seller, setting forth the terms, provisions and conditions of a sale of real estate.
 
Sale and LeasebackA situation in which the grantor in a deed to a parcel of property sells it and retains possession by simultaneously leasing it from the grantee.
 
Satisfaction of MortgageDocument releasing a Mortgage lien, indicating the borrower has paid the debt in full. Also known as a discharge of mortgage or mortgage release. The release of lien is also noted in public land records.
 
Satisfaction of Security InstrumentA Satisfaction of Security Instrument is a document showing proof that you have paid a deed of trust (instrument that secures the repayment of a sum of money or the performance of other conditions) in full.
 
SearchIn title industry parlance, a careful exploration and examination of the public records in an effort to find all recorded instruments relating to a particular chain of title.
 
Second MortgageA mortgage ranking in priority immediately below a first mortgage.
 
Section or Section of LandA parcel of land comprising one square mile or 640 acres.
 
Seller's Expenses:Cost of Abstract, Documentary Stamps on Deed, Real Estate Commission, Recording Mortgage, Survey Charge, Escrow Fees
 
Separate PropertyReal property owned by one spouse exclusive of any interest of the other spouse.
 
Set Back LinesThose lines which delineate the required distances for the location of structures in relation to the perimeter of the property.
 
Short SaleA sale of a house in which the proceeds fall short of what the owner still owes on the mortgage.   Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. 
 
Special AssessmentsA special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.
 
SquatterOne who lives on another's land without legal claim or authority. (See Adverse Possession.)
 
StarterA copy of the last policy or report issued by a title insurer which described the title to land upon which a new search is to be made. In some states, this is called a back title letter or back title certificate.
 
Street Improvement BondsInterest-bearing bonds issued, usually by a city or county, to secure the payment of assessments levied against land to pay for street improvements. The property owner may pay off the particular assessment against the property, or may allow the assessment to "go to bond" and pay installments of principal and interest over a period of years, usually at the city or county treasurer's office. The holder of a bond received payments from these offices.
 
SubdivisionAn area of land laid out and divided into lots, blocks, and building sites, and in which public facilities are laid out, such as streets, alleys, parks, and easements for public utilities.
 
SubordinationThe act or process by which a person's rights are ranked below the rights of others. For example, a second mortgagee's rights are subordinate to those of the first mortgagee.
 
Subordination AgreementAn agreement by which one encumbrance (for example, a mortgage) is made subject (junior) to another encumbrance. To "subordinate" is to "make subject to," or to make of lower priority.
 
SubrogationThe substitution of one person for another, so that the former may exercise certain rights or claims of the latter. Used primarily when a surety relationship exists, as in insurance.
 
Substitution of TrusteeA Substitution of Trustee is a form filed when a successor trustee takes the place of a previous trustee. A successor is a person or entity who takes over and continues the role or position of another. For example, many grantors and their respective spouses act as the initial trustees of a revocable living trust. In this situation, they remain in control until they are incapacitated or die. Then pre-selected successor trustees are appointed in under the terms of the declaration of trust. Usually a spouse, family member or trusted friend are selected as successor trustees. A second successor is a person nominated to take over responsibilites of the first successor in the case of death or disability of the first successor. A Substitution of Trustee form is often filed when a loan on real property is paid off or refinanced. It does not necessarily reflect the name of the current property owner.
 
Subsurface RightsThe rights of ownership to things lying beneath the physical surface of the property
 
Surety

(1) A person who agrees to be responsible for a debt or obligation of another.

(2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.

 
Surface RightsRights to enter upon and use the surface of a parcel of land, usually in connection with an oil and gas lease or other mineral lease. They may be "implied" by the language of the lease (no explicit reservation or exception of the surface rights) or "explicitly" set forth.
 
SurveyA map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description. 
 


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