Key Real Estate Terms S | Myers & Myers Real Estate

Definitions Of Key Real Estate Terms S

This article provides the definitions of key estate terms beginning with the letter S.

Sales Comparison Approach

is one of three approaches used by appraisers to value real estate.  This approach is the process of estimating the value of a property by examining and comparing actual sales of comparable properties.

Satellite Tenant

is a smaller shipping center tenant that is dependent upon the ability of the anchor tenant to attract customers.

Satisfaction of Mortgage

is the document acknowledging the full repayment of a mortgage debt.

Secondary Mortgage Market

is the buying and selling of mortgage loans. Investors purchase residential mortgages originated by lenders, which in turn provides the lenders with capital for additional lending.

Second Mortgage

is a mortgage that is junior or subordinate to a first mortgage.

Section

is a portion of township under the government survey system.  A township contains 36 sections.  A section is 640 acres and is one mile by one mile.

Section 8 Program

is a federal rent subsidy program for low income and moderate income tenants.

Seller Financing

is financing provided by the owner or seller of real estate shoe takes back a secured note.

Seller’s Market

is an economic condition that favors the seller because demand for real estate exceeds the supply,

Selling Broker

is the broker that procures the buyer.

Security Deposit

is a payment by tenant to the landlord before occupancy as a guarantee that lease conditions will be met.

Set Back

is a zoning restriction on the amount of land surrounding improvements.

Severalty

is sole ownership of real estate by one person. The word severalty or several in property law means separate or severed.

Sherriff’s Deed

is a deed given by a court to effect the sale of property to satisfy a judgment such as a foreclosure.

Short Sale

is a sale of secured real property that produces less money than is owed to the lender.

Sill

is the lowest horizontal member of the house frame which rests on the foundation wall and forms a base for the studs.

Special Assessment

is the term used in the government to designate a unique charge government units can assess against real estate parcels for certain public projects that will provide a benefit to that parcel.  Special Assessments may be used to construct streets, sewer projects, or drainage projects.

Special Warranty Deed

is a deed that the seller or person giving the Special Warranty Deed will warrant/guarantee that while he or she had ownership of the property, title was not defective and if it was while he or she had ownership, he or she will protect the buyer from any claims or defects in title.

Special Use Permit

is permission from the local zoning authority granting a land use that is identified as a special exception in the zoning ordinance.

Specific Lien

is a lien affecting or attaching only to a certain, specific parcel of land or piece of property.

Specific Performance

is a legal action to compel a party to carry out the terms of a contract.

Speculator

is one who acquires properties with the expectation that prices will increase at which time they can sell at a large profit.

Square Foot Method

is the appraisal method of estimating building costs by multiplying the number of square feet in the improvements being appraised by the cost per square foot for recently constructed, similar, improvements.

Statute of Frauds

is statutory requirement that certain contracts are in writing in order to be enforceable.

Statute of Limitations

is a statute in a common law legal system that sets forth the maximum time after an event that legal proceedings based on that event may be initiated.

Statutory Lien

is a lien imposed on property by statute’s tax lien for example.

Steering

is the illegal practice of channeling potential home buyers to certain areas which limits their ability on where they will live.

Stigmatized Property

is real estate jargon to describe a specific property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang-related activity, illness or personal tragedy.

Straight Line Method

is method of depreciation that is computed by dividing the adjusted basis of a property by the number of years of estimated remaining useful life. The cost of the property is thus depreciated in equal annual installments.

Straight Loan

is a loan with periodic payments of interest only; the principal sum due in one lump sum upon maturity.

Stucco

is cement or plaster wall covering that is installed wet and dries to a hard surface coating.  This type of coating is very common in New Mexico.

Subdivision

is a tract of land divided into blocks and lots with streets and must comply with local government ordinances.

Subject To Clause

is the clause in a contract for sale setting forth any contingencies or special conditions of a purchase and sale.

Subletting

is the leasing by one tenant to another, who holds the right of use and occupancy subject to the original lease.  This act may or may not be permitted by the original lease.

Subordination

is the relegation to a lesser position in respect to a right or security.

Subordination Agreement

is a written agreement between holders of liens on a parcel that changes the priority of mortgages.

Subprime Loan

is a loan made to persons with lower credit ratings than acceptable in regular loans.  These types of loans typically carry higher interest rates than normal loans.

Subrogation

is the substitution of one creditor for another.

Subsurface Rights

are the ownership rights in a parcel of real estate to the water, minerals, gas, and oil that lie beneath the surface of the land.

Suit to Quiet Title

is a court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title.

Surety

is one who becomes a guarantor for another.

Surface Rights

are the ownership rights that are limited to the surface of the land and do not include the air rights above or the subsurface rights.

Survey

is the process by which boundaries are measured and lad areas are determined.

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Definitions Of Key Real Estate Key Terms S