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S

SAFETY CLAUSE

A 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 LEASEBACK

The sale and subsequent leasing back by the seller- lessee.

SALE WITH WARRANTY - Civil Law Term

Similar to General Warranty Deed. Gives best guarantee of title.

SALE WITHOUT WARRANTY - Civil Law Term

Similar to Quitclaim Deed. Gives no guarantee of title.

SANDWICH LEASE

A leasehold interest of a sublessor which lies between the primary lease (owner) and the operating lease (user).

SATISFACTION OF MORTGAGE

An instrument used when a lien is paid off and satisfied on the records; also called satisfaction piece.

SECONDARY MONEY MARKET

The marketplace for the sale and purchase of existing mortgages.

SECTION

A section of land established by government survey containing 640 acres, or 1 square mile.

SECURITY DEPOSIT

A deposit made to assure performance of an obligation, usually by a lessee.

SEIZIN

Possession 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.


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