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S

Sales Agreement
(See agreement of sale.)

SCARCITY - A characteristic of real property that creates value because of a relatively limited supply of desirable property.

SECONDARY MORTGAGE MARKET - Buyers and sellers of first mortgages operating in the resale market of mortgages as investments.

SECTION - One square mile of land as measured in the U.S. Government Survey System.

SECURITY AGREEMENT - A document creating a secured claim to personal property.

SEPARATE PROPERTY - Property owned by only one of the spouses in a community property state.

SERVIENT TENEMENT - The property over which an easement runs.

SETBACK - SETBACK LINES - Restrictions from building within a certain distance of the property lines.

SETTLEMENT STATEMENT (HUD Form 1) - A form required in most residential transactions providing an accounting of all funds received and disbursed by the closing officer.

SEVEN PROTECTED CLASSES - The protected groups in fair housing law: Race - Color - National Origin - Religion - Sex (added in 1974) - Handicap (added in 1988) - Familial Status (added in 1988).

SITE ANALYSIS - The examination of the physical characteristics of a parcel.

SPECIAL AGENCY - SPECIAL AGENT - An employment situation of very limited scope or duration.

Special Assessments-A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.

Special Lien -A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets. It creates a right to retain something of value belonging to another person as compensation for labor, material, or money expended in that person's behalf. In some localities it is called "particular" lien or "specific" lien. (See lien.)

Special Warranty Deed -A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee's title.

SPLIT COMMISSION - An arrangement between broker and salesperson agreeing to                 split the commissions generated by the salesperson on a pre-arranged schedule (50-50, 60-40, 70-30, etc). Usually graduated as an agent becomes more productive.

SPOT ZONING - A rezoning of land that affects a specific area only.

Square Footage: Measurement by taking exterior dimensions, excluding the garage.
 

State Stamps (See documentary stamps.) State Stamps

STATUTE OF FRAUDS - A state law requiring that certain contracts be in writing and signed by all parties in order to be enforceable in court.

STATUTE OF LIMITATIONS - Statutory time period for enforcing one's rights.

STEERING - Illegally encouraging certain ethnic groups to locate in certain areas and away from other areas to either maintain or change an area.

STRAIGHT-LINE METHOD - A method of calculating physical depreciation that assumes that properties wear out evenly over their entire useful economic life.

STRAIGHT NOTE - A note that has no repayment of principal until the full amount is repaid at the end of the term. Interest may be paid in installments or may accrue until payoff.

SUBJECT PROPERTY - The property that is the object of a contract or an appraisal.

"SUBJECT TO" CLAUSE - A clause in a contract that outlines contingencies to be met before consummation. Or a disclosure clause in a deed.

SUB-LEASING - The tenant releasing some or all of the space which they are occupying. Landlord's permission to assign or sub-lease is usually required in the lease contract.

SUBORDINATION AGREEMENT/CLAUSE - An agreement between two lienholders, with the same property as collateral, changing the priority of their positions.

SUBSTITUTION - The appraisal principle stating that value is influenced by the cost of equally desirable alternatives.

SUIT TO QUIET TITLE - A court action to determine proper ownership in the presence of title defects, gaps or disputed claims of right.

Survey
A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description.

SURVIVORSHIP - Upon the death of a co-owner, property rights go equally to any remaining co-owner. The decease co-owner has no right of inheritance (control passage at one's death)

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