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Street numbers
As a means of describing property.
Strict foreclosure
Upon default the lender acquires absolute title without the need for a foreclosure sale.
Subject property
The property that is being appraised.
Sublease
A lease that is given by a lessee.
Sublessee
One who rents from a lessee.
Sublessor
A lessee who in turn leases to another.
Subordination
Voluntary acceptance of a lower mortgage priority than one would otherwise be entitled to.
Subsurface right
The right to use land below the earth's surface.
Sum-of-the-year's digits
A method of accelerated depreciation for income tax purposes.
Sunk cost
A cost already incurred that is not subject to revision. Surface rights
The right to use the surface or parcel of land.
Surplus money action
A claim for payment filed by a junior mortgage holder at a foreclosure sale.
Surrogate court
A court of law with the authority to verify the legality of a will and carry out its instructions.
Syndication (syndicate)
A group of persons or businesses that combines to undertake an investment.
Tacking
Adding successive periods of continuous occupation to qualify for title by adverse possession.
Take-out loan
A permanent loan arranged to replace a construction loan.
"Taking back paper"
Said of a seller who allows a purchaser to substitute a promissory not for cash.
Taking of property
By adverse possession.
Tandem plan
A subsidy program wherein the GNMA supports the price of residential mortgage loans.
Tax basis
The price paid for a property plus certain costs and expenses.
Tax certificate
A document issued at a tax sale that entitles the purchaser to a deed at a later date if the property is not redeemed.
Tax deed
A document that conveys title to property purchased at a tax sale.
Tax lien
A charge or hold by the government against property to insure the payment of taxes.
Tax shelter
The income tax savings that an investment can produce for its owner.
Tenancy at sufferance
The result of a tenant who stays beyond his legal tenancy without the consent of the landlord.
Tenancy by the entirety
A form of joint ownership reserved for married persons; right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other.
Tenant
One who holds or possesses property, the lessee.
Tenants in common
Shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists.
Term loan
A loan requiring interest-only payments until the maturity date (due date) at which time the entire principal is due.
Testamentary trust
A trust that takes effect after death.
Testate
To die with a last will and testament.
Testator
A person who makes a will.
Testimony clause
A declaration in a document that reads "In witness whereof the parties hereto set their hands and seals" or a similar phrase.
Thin market
A market with few buyers and few sellers.
Third parties
Persons who are not parties to a contract but who may be affected by it.
Tight money
Means that loan money is in short supply and loans are hared to get.
Time deposit
A savings deposit wherein the saver agrees not to withdraw his money for a specified period.
"Time is of the essence"
A phrase that means that the time limits of a contract must be faithfully observed or the contract is Voidable.
Time-sharing
Part ownership of a property coupled with a right to exclusive use of it for a specified number of days per year.
Title
The right to or ownership of something; also the evidence of ownership such as a deed or bill of sale.
Title by descent
Laws that direct how a deceased's assets shall be divided if he leaves no will.
Title by prescription
Acquisition of real property through prolonged and unauthorized occupation, also called adverse possession.
Title closing
The process of consummating a Real Estate transaction.
Title cloud
A title defect.
Title insurance
An insurance policy against defects in a title not listed in the title report or abstract.
Title plant
A duplicate set of public records maintained by a title company. |
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