Real Estate Glossary
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SALE AGREEMENT:
Also known as "Agreement of Purchase and Sale" or "Purchase Agreement:. The contract that sets out the terms and conditions agreed to by the purchaser and the vendor in the sale of land.
SALE AND LEASEBACK (SALE-LEASEBACK):
Where the vendor sells the property to the purchaser, then leases it back immediately for a long term.
SALE PRICE:
Also known as "purchase price", the amount of money paid by the purchaser to the vendor for the property under the agreement.
SALES ASSOCIATE:
A real estate professional in the employ of another such real estate professional.
SALES COMPARISON APPROACH:
Method of estimating value of a property by comparing similar properties that have been sold recently.
SALES CONTRACT:
See "sale agreement".
SANDWICH LEASE:
A slang term for a sublease, where the tenant is sandwiched between the owner and the subtenant, acting both as lessor and lessee at the same time.
SATELLITE TENANT:
A smaller shop in a mall.
SCARCITY:
The idea that price is driven by availability of the product. If there is not enough product to meet demand (the product is scarce), the price of the product will rise.
SCENIC EASEMENT:
A right to the use of land which is given for the purpose of ensuring that the land is never developed and the natural beauty of the area is, as a result, preserved.
SCHEDULE:
A document attached to an instrument for registration or to a contract or agreement, which may contain information required in the instrument or extra terms of the contract.
SCHEDULED MORTGAGE PAYMENT:
The periodic payment the borrower is obliged to pay on a loan.
SEARCH:
An investigation, a review of public records for problems, concerns or simply for information. See "title search".
SEASONED MORTGAGE:
An old loan under which the borrower has proven herself capable of meeting loan obligations.
SECOND:
One sixtieth of a minute which is one sixtieth of a degree which is one 360th of a circle. Used in metes and bounds descriptions when astronomic bearings are used to describe directions.
SECOND MORTGAGE:
A mortgage loan which is registered on title after another mortgage (the first mortgage) and, therefore, is behind the first mortgage in priority. In the event of default and sale of the property, the second mortgagee will only be paid if there are funds left after the payment of the first mortgagee.
SECONDARY FINANCING:
Another term for a second mortgage; a loan which stands behind the principal loan.
SECONDARY MARKET:
The purchase and sale of mortgages among lenders.
SECTION:
Another term for Plan, usually used in Torrens System of land registration.
SECURITY:
An asset held as a guarantee of payment of a loan.
SECURITY DEPOSIT:
Money held by the landlord to ensure the tenant meets his obligations under the lease.
SECURITY INTEREST:
Legal term for the claim the lender has against the borrower's property which has been pledged under a loan.
SEE-THROUGH BUILDING:
Slang term for a property which is mostly empty of tenants.
SELF-AMORTIZING MORTGAGE LOAN:
A loan which will be paid off by the end of its term, such that its term equals its amortization period.
SELLER FINANCING:
Also known as "vendor take-back mortgage" or "mortgage back", where the seller of a property agrees to payment of part of the purchase price over time with the debt to the seller registered on title as a mortgage.
SELLER'S MARKET:
Demand is greater than supply, such that the vendor may demand a higher price.
SELLER-TAKE-BACK:
See "seller financing".
SELLING AGENT:
The real estate professional who brings the eventual purchaser to the property and the vendor. As opposed to "listing agent".
SEMIANNUAL:
Occurring twice per year.
SEMIDETACHED HOUSING:
A dwelling that shares one side wall with another dwelling.
SEPARATE PROPERTY:
Property owned by one spouse solely, rather than jointly with the other spouse.
SEPTIC SYSTEM:
A manner of dealing with sewage of a dwelling, through pipes into a septic tank.
SERIOUS DELINQUENCY:
The condition of being far behind in mortgage payments such that mortgage enforcement by the lender is imminent.
SERVICING (THE LOAN):
The act of collecting periodic payments toward a debt.
SERVIENT TENEMENT:
The piece of land which is subject to an easement. As opposed to the "dominant estate".
SET BACK ORDINANCE/BYLAW:
A municipal government rule that establishes the minimum distance a building or other improvement must stand from property lines.
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