| Sales Contract - |
A contract by which buyer and seller agree to terms of
a sale. |
| Sandwich Lease - |
A leasehold interest which lies between the primary
lease and the operating lease. It is created when the lessee enters into a sublease. |
| Satisfaction - |
In real estate practice, an instrument to be recorded
on the county recorder's books when a mortgage has been paid in full. it is signed by the
mortgagee and recites that the debt has been satisfied. |
| Separate Property - |
Property owned by a husband or wife which is not
community
property; property acquired by either prior to marriage or by gift, will or inheritance,
and all of the rents, issues and profits thereof. |
| Sheriff's Deed - |
Deed given by court order in connection with the sale
of property to satisfy a judgment. |
| Short Sale - |
The process of selling a property with the lender
accepting less than they are owed, as payment in full for the loan. |
| Simple Interest - |
Interest computed on principal alone, as opposed to
compound interest. |
| Situs - |
Location. |
| Specific Performance - |
An action at law to compel the performance of a
contract according to its terms. |
| S.R.E.A. - |
Designates a person who is a member of the Society of
Real Estate Appraisers. |
| Statute of Frauds - |
State law which provides that certain contracts must
be in writing in order to be enforceable at law. |
| Statutory Law - |
Rules formulated into law by legislative action. |
| Straight Line Depreciation - |
Definite sum set aside annually from income to pay
cost of
replacing improvements without reference to interest it earns. |
| Subject to Mortgage - |
When a grantee takes title to a 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 he can lose in the event
of a foreclosure is his equity in the property." (See also "Assumption of
Mortgage" in this section.) The original maker of the note is not released from his
responsibility to pay off the obligation. |
| Sublease - |
A lease given by a lessee. |
| Subordination Clause - |
Used in a first or senior lien permitting it to be
subordinated to a subsequent lien, such as a construction loan. it converts a senior trust
deed into a junior trust deed (second, third, etc.). |
| Subrogation - |
The substitution of another person in place of the
creditor to whose rights he succeeds in relation to the debt. The doctrine is often used
when one person agrees to stand surety for the performance of a contract by another
person. |
| Surety - |
One who guarantees the performance of another.
Guarantor. |
| Taxes - |
A forced contribution of wealth to meet the public
need for government. |
| Tax Sale - |
A sale of property, usually at auction, for
non-payment of taxes assessed against it. |
| Tenancy at Sufferance - |
A tenancy which arises when a tenant holds over after
the
termination of a lease without consent. |
| Tenancy at Will - |
A tenancy for an indefinite period which may be
terminated at the will of either the lessee or the lessor. |
| Tenancy in Common - |
Ownership by two or more persons who hold undivided
interests without right of survivorship. |
| Tender - |
An offer of money, usually in satisfaction of a claim
or demand. |
| Time Is Of The Essence - |
A clause in a contract contemplating performance by
the date
specified therein. |
| Title - |
The rights of ownership. |
| Title Insurance - |
Insurance written by a title company to protect the
property owner against loss if title is imperfect. |
| Tort - |
A wrongful act; wrong; injury; violation of a legal
right. |
| Townhouse - |
A single family attached dwelling unit with party
walls; usually an individual unit in a series of five to ten houses, with common walls
between the units and side yards on the end units only; may have one to three stories and
all necessary facilities and
amenities. |
| Trust Deed - |
An instrument which transfers (conveys) the bare legal
title of a property to a trustee to be held pending fulfillment of an obligation, usually
the repayment of a loan to a beneficiary. |
| Trustee - |
One who holds bare legal title to a property in trust
for another to secure the performance of an obligation. |
| Trustee's Sale - |
A sale at auction by a trustee under a deed of trust,
pursuant to foreclosure proceedings. |
| Trustor - |
The borrower of money secured by a trust deed. One who
transfers his bare legal title to a trustee to be held as security until he has performed
his obligation to a lender under terms of a note secured by a deed of trust. |
| Undue Influence - |
Taking any fraudulent or unfair advantage of another's
weakness of mind, or distress or necessity. |
| Unearned Increment - |
An increase in value of real estate due to no effort
on the part of the owner. |
| Unit Cost-in-Place Method - |
A method for determining cost or cost of reproducing
an
improvement. |
| Unlawful Detainer - |
An action at law to evict a person or persons
occupying real property unlawfully. |
| Usury - |
On a loan, claiming a rate of interest greater than
that permitted by law. |
| Valid - |
Having force or binding force legally sufficient and
authorized by law; enforceable. |
| Valuation - |
Estimated worth or price. The act of valuing by
appraisal. |
| Variable Interest Rate - |
An interest rate which fluctuates as the prevailing
rate moves up or down. In mortgages there are usually maximums as to the frequency and the
amount of fluctuation. |
| 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 the consent of, or as
a result of the voluntary act of, the owner. |
| Waive - |
To relinquish or abandon; to forego a right to enforce
or require anything. |
| Warranty Deed - |
A deed used to convey real property which contains
warranties of title and quiet possession and the grantor thus agrees to defend the
premises against the lawful claims of third persons. It is used commonly in other states
but not in California where it has been supplanted by the grant deed. The modern practice
of securing title insurance has reduced the importance of express and implied warranty in
deeds. |
| Wrap-Around Mortgage - |
(Also called the all-inclusive mortgage or all
inclusive trust
deed.) The wrap-around mortgage is a purchase money mortgage which is subordinate to, but
yet includes the encumbrance or encumbrances to which it is subordinated. |
| Zoning - |
Act of city or county authorities specifying type of
use to which property may be put in specific areas. |
