| 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. |
| 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 the "A" 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.
|