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Sale by advertisement
Allows a mortgage to conduct a foreclosure sale without first gong to court.
Salesman or Salesperson
A person employed by a Broker to list, negotiate, sell or lease real property for others; affiliating with a Broker.
Salvage value
The price that can be expected for an improvement that is to be removed and used elsewhere.
Sandwich lease
A leasehold interest lying between the owner of a property and its actual user.
Satisfaction of mortgage
A certificate from the lender stating that the loan has been repaid.
Scheduled gross (projected gross)
The estimated rent that a fully-occupied property can be expected to produce on an annual basis.
Seal
A hot wax, paper, or embossed seal, or the word "seal" or "L.S." placed on a document.
Second mortgage
One which ranks immediately behind the first mortgage in priority.
Section
A unit of land in the rectangular survey system that is one mile long on each of its four sides and contains 640 acres. Section 203 (b)
FHA home insurance program.
Seller's affidavit of title
A document provided by the seller at the settlement meeting stating that he has done nothing to encumber title since the title search was made.
Seller's closing statement
An accounting of the seller's money at settlement.
Seller's market
One with few sellers and many buyers.
Seller's points
Loan discount points paid by the a seller so that a buyer can obtain a loan.
Senior mortgage
The mortgage against a property that holds first priority in the event of foreclosure.
Separate property
The cubicle of airspace that the condominium owner's unit occupies.
Separate property
Spouse-owned property that is exempt from community property status.
Service industry
An industry that produces goods and services to sell to local residents.
Service points
Charges in one-percent units to obtain a loan.
Servient estate
The land on which an easement exists in favor of a dominant estate.
Settlement
The day on which title is conveyed.
Settlement meeting
A meeting at which the seller delivers his deed to the buyer, the buyer pays for the property, and all other matters pertaining to the sale are concluded.
Severalty ownership
Owned by one person, sole ownership.
Servance damages
Compensation paid for the loss in market value that results from splitting up a property in a condemnation proceeding.
Shared appreciation mortgage
A mortgage loan wherein the borrower gives the lender a portion of the property's appreciation in return for a lower rate of interest.
Sheriff's deed
A deed issued as a result of a court-ordered foreclosure sale.
Short cycles
Business cycles that typically range from 2 to 6 years in length.
Situs
Refers to the preference by people for a given location.
Sole ownership
Owned by one person.
Special agency
An agency relationship created for the performance of specific acts only.
Special assessments
Charges levied to provide publicly built improvements that will benefit a limited geographical area.
Special warranty deed
Contains only one covenant - the covenant against encumbrances.
Specific performance
Contract performance according to the precise terms agreed upon.
Square-foot method
An appraisal technique that uses square-foot construction costs of similar structures as an estimating basis.
SRA
Senior Residential Appraiser.
SREA
Senior Real Estate Analyst.
SRPA
Senior Real Property Appraiser.
Standard parallel
A survey line used to correct for the earth's curvature.
Statute of Frauds
A law requiring that certain types of contracts be written in order to be enforceable in a court of law.
Statute of limitations
A legal limit on the amount of time one has to seek the aid of a court in obtaining justice.
Statutory estates
Estates created by law and including Dower, Curtesy, community property, and homestead rights.
Statutory redemption
The right of a borrower after a foreclosure sale to reclaim his property by repaying his defaulted loan.
Steering
The illegal practice of directing minority members to or away from certain neighborhoods.
Step-up rental
A lease that provides for agreed-upon rent increases.
Steering
The illegal practice of directing minority members to or away from certain neighborhoods.
Straight-line depreciation
Depreciation in equal amounts each year over the life of the asset. |
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