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| Term |
|
Description |
|
| 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. (See also: Sublease below) |
|
| Satisfaction |
|
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. |
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| 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. (See also:
Compound Interest) |
|
| Situs |
|
The place where something exists or originates; specifically : the place where something
(as a right) is held to be located in law; location. |
|
| Specific Performance |
|
An action at law to compel the performance of a contract according to its terms. |
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| Statute of Frauds |
|
State (at least in California) law which provides that certain contracts must be in writing in
order to be enforceable at law. |
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| Statutory Law |
|
Rules formulated into law by legislative action. |
|
| Straight Line Depreciation |
|
To lower the price or estimated value of an asset or property in equal amounts for the life of
that asset. (See also: Depreciation) |
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| Subdivision |
|
Five or more individually owned lots where one or more other parcels are owned in common
or there are reciprocal rights in one or more other parcels. (See also:
Planned Development) |
|
| 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. The original
maker of the note is not released from his responsibility to pay off the obligation. (See also:
Assumption of Mortgage) |
|
| Sublease |
|
A lease given by a lessee. (See also: Sandwich Lease above) |
|
| 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.). |
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| Subrogation |
|
The assumption by a third party of another's legal right to collect a debt or damages |
|
| Surety |
|
One who has become legally liable for the debt, default, or failure in duty of another. |
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