S
SALE AND LEASEBACK
A method of financing where a property is sold to a purchaser who simultaneously enters into a long-term lease of the property with the vendor. The vendor (now lessee) remains in possession for the specified term of the lease and covenants to pay the rental to this purchaser (now lessor) as well as all operation expenses. This enables the user to free his cash investment in the real property for some other use.
SALES CLAUSE
This is a clause that enables the mortgagee to demand payment of the outstanding balance including interest upon sale or transfer of title. (also known as a due on sale clause)
SALES HOLD BACK
A percentage of the principal amount of the mortgage held back by the mortgagee until the property in question has been sold to a party satisfactory to the mortgagee.
SANDWICH LEASE
A lease in which the sandwich party is the lessee to one party and the lessor to another. Usually, the owner of the sandwich lease is neither the fee owner nor the user of the property.
SEALED AND DELIVERED
A term indicating that a conveyor has received adequate consideration a evidenced by his/her voluntary delivery. The word sealed adds more strength, since under old conveyancing law an official seal was used as a substitute for consideration.
SECOND MORTGAGE
A mortgage loan granted, (and registered) when there is already a first mortgage registered against the property.
SERVIENT TENEMENT
An estate or land over which an easement or some other service exists in favor of the dominant tenement.
SET BACK
The distance from the curb or other established line within which no buildings may be erected.
SHORT FORM MORTGAGE
Mortgage document which follows the exact language of the long form prescribed by law but is abbreviated, using shortened terminology, at the same time having the identical legal effect.
SINGLE FAMILY DWELLING
A residential property designed for occupancy by one family and situated on land zoned specifically for that purpose.
SPECIFIC PERFORMANCE
A remedy in a court of equity compelling a defendant to carry out the terms of an agreement or contract. It is available only where the remedy of damages cannot afford adequate relief to the plaintiff.
SPECULATIVE BUILDER OR DEVELOPER
One who builds without having a commitment to buy or lease from a purchaser or tenant.
SPLIT FINANCING
A device by which lending is split into separate parts and treated individually.
STANDBY COMMITMENT
A commitment from a lender to make a loan in a specified period of time on specified terms with the understanding that the borrower will not likely draw down the funds.
STATEMENT OF ADJUSTMENTS
A statement prepared by lawyer setting out the details of a mortgage transaction.
STATUTE
A law established by an act of the legislature.
STATUTE OF FRAUDS
A law which provides that certain contracts must be in writing in order to be enforceable at law. It includes real estate contracts.
STATUTE OF LIMITATIONS
That period of time specified by statute within which an action at law must be brought or else be forfeited.
STEP DOWN LEASE
A lease providing for decreases in rental payment at specified dates.
STEP UP LEASE
Opposite to step-down lease.
SURVEY
A document that illustrates the property boundaries and measurements, the position of major structures on that property, any registered or viable easements.
SURVIVORSHIP
The right of a person to secure ownership by reason of his/her outliving someone with whoms/he shared undivided interest in the land.