Friday, May 17, 2024, 7:23 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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SUBROGATIONThe substitution of one person in place of another with reverence to a lawful claim, demand or right, so that he succeeds to such rights of the other. |
SUMMARY POSSESSIONA process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he would not be evicted. Also called Dispossess Proceeding or Unlawful Detainer. |
SURETYOne who becomes a guarantor for another. |
SURRENDERThe cancellation of a lease by an act of mutual consent of lessor and lessee. |
SURVEYThe process by which a parcel of land is measured and its area ascertained. |
SYNDICATIONMultiple ownership of an investment, usually in the form of a limited partnership. |
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TAKE-OUT FINANCINGPermanent or long-term financing of individual condominium units for their respective buyers. |
TAX DEEDA deed for property sold by a government unit for non-payment of assessed taxes. |
TAX LIENA claim against real property going into effect when taxes are assessed against that property. |
TAX SALEA sale of property, usually at auction, for non-payment of assessed taxes. |