Saturday, April 27, 2024, 8:24 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
S
SAFETY CLAUSEA clause in a sales contract entitling the broker to a commission for the sale of the property by the owner himself for an extended period of time after the contract has expired. |
SALE AND LEASEBACKThe sale and subsequent leasing back by the seller- lessee. |
SALE WITH WARRANTY - Civil Law TermSimilar to General Warranty Deed. Gives best guarantee of title. |
SALE WITHOUT WARRANTY - Civil Law TermSimilar to Quitclaim Deed. Gives no guarantee of title. |
SANDWICH LEASEA leasehold interest of a sublessor which lies between the primary lease (owner) and the operating lease (user). |
SATISFACTION OF MORTGAGEAn instrument used when a lien is paid off and satisfied on the records; also called satisfaction piece. |
SECONDARY MONEY MARKETThe marketplace for the sale and purchase of existing mortgages. |
SECTIONA section of land established by government survey containing 640 acres, or 1 square mile. |
SECURITY DEPOSITA deposit made to assure performance of an obligation, usually by a lessee. |
SEIZINPossession of real property by one entitled thereto; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal title. |