Glossary of terms used on this site
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| Term | Definition |
|---|---|
| Sale Leaseback |
An arrangement by which the owner occupant of a property agrees to sell all or part of the property to an investor and then lease it back and continue to occupy space as a tenant. Although the lease technically follows the sale, both will have been agreed to as part of the same transaction.
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| Second Mortgage |
A mortgage registered against real property which is already encumbered with one mortgage.
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| Section 8 Housing |
A federal housing assistance program that uses rent subsidies to allow leasing to low income families.
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| Security Deposit |
A deposit of money by a tenant to a landlord to secure performance of a lease.
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| Seller’s Market |
A market condition where demand is greater than supply; sellers can set prices and terms of sale, and prices are high or rising.
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| Selling Agent |
The agent that brings a buyer to a real estate transaction. The listing agent can be the selling agent but it is more common for the buyer’s agent to be the selling agent.
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| Septic Tank |
An underground receptacle used to dispose of raw sewage by breaking it down and allowing it to drain off.
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| Severalty |
Individual ownership of real property.
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| Sharecropping |
A type of lease that allows the tenant (farmer) to split the crop or proceeds from the sale of the crop with the property owner (landlord) for use of the property.
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| Short Sale |
A sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor.
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| Sky Lease |
A lease of air rights, or the right to build a structure that, except for its supports, is constructed above a plane over a specified property.
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| Specific Performance |
A legal action brought in a court of equity to compel a party to carry out the terms of a contract.
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| Steering |
The illegal funneling of home buyers to a particular area based on the desire to keep the makeup of that neighborhood the same or intentionally change it.
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| Sublease |
A lease by a tenant or lessee of part or all of leased premises to another person but with the original tenant retaining some right or interest under the original lease.
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| Subsurface Rights |
Landowner's rights to the water, minerals and other substances below the surface of land. These rights may be sold or transferred to another party like other land rights.
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