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Real Estate Dictionary Si-Sy
"sign back" - "syndicate"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We
SIGN BACK:
The act of countering an offer with a return offer. The original offer
document is amended, initialed by the person amending it, and sent back to the
original offeror as a new, counter offer.
SIGNED SEALED AND
DELIVERED:
A legal phrase suggesting that the party executing a document intends it
to be enforceable even if no consideration is given to her for signing.
SIMPLE INTEREST:
A charge for the use of money which is calculated on a periodic basis as
a percentage of the principal borrowed. No further interest is charged on
interest accumulated in earlier periods.
SINGLE AGENCY:
The representation of only one party to a transaction.
SINGLE-FAMILY
RESIDENCE (UNIT):
A property designed for the use and occupancy of one family group.
SINKING FUND:
Fund set aside from the income from property which, with accrued
interest, will eventually pay for replacement of the improvements.
S.I.R.:
Society of Industrial Realtors.
SITE:
The location of something.
SITUS:
Location. Land.
SOCIAL OBSOLESCENCE:
Economic obsolescence.
SOFT MARKET:
Also known as "buyers' market", when vendors far outnumber buyers and
prices fall.
SPEC HOUSE:
A new dwelling which is being built or has been completed by a builder
before a purchaser has been found to buy it.
SPECIAL ASSESSMENT:
Legal charge against real estate by a public authority to pay cost of
public improvements such as street lights, sidewalks, street improvements, etc.
SPECIAL USE PERMIT:
A temporary exemption from zoning use by-laws or ordinances.
SPECIAL WARRANTY
DEED:
An instrument of conveyance in which the vendor warrants she has done
nothing to cloud title but nothing further.
SPECIAL-PURPOSE
PROPERTY:
A piece of land specifically designed and improved for a specific purpose
-- a school or hospital.
SPECIFIC LIEN:
A lien which affects only a particular parcel of property.
SPECIFIC
PERFORMANCE:
An action to compel performance of an agreement (eg. sale of land).
SPECULATIVE BUILDER:
A developer who constructs housing without pre-selling.
SPECULATOR:
Someone who buys property on the expectation that its value will increase
and it will be sold at a profit.
SPILLOVER EFFECT:
The impact of changes to or development of one parcel of land on a
neighboring or nearby parcel.
SPOT ZONING:
The practice of applying zoning ordinances or bylaws to specific
properties when neighboring lands may be under a different classification.
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SPOUSE:
A husband or wife.
SPREADING AGREEMENT:
A contract in which the borrower gives the lender additional security for
a loan by allowing it to be lodged against other property owned by the borrower.
SQUARE-FOOT METHOD:
Method of estimating cost of construction on the basis of the area of the
building to be built.
SQUATTER'S RIGHTS:
The legal rights to occupy a property which accrue to a person as a
result of their long-time, open, notorious and adverse possession of it.
S.R.A.:
Designates a person who is a member of the Society of Real Estate
Appraisers.
STAKING:
A surveyor's method of marking the boundaries of a property by placing a
physical entity (a stake or bar) in the ground.
STAMP TAX:
The charge levied by governments on the transfer of property.
STANDARD DEPTH:
Generally the most typical lot depth in the neighborhood.
STANDARD MORTGAGE:
A mortgage which has equal periodic payments and is paid out at the end
of its term.
STANDARD SUBDIVISION:
A subdivision composed of improved or unimproved lots or parcels.
STANDARDS OF
PRACTICE:
A professional code of behavior for real estate professionals promulgated
by the National Association of Realtors.
STANDBY COMMITMENT:
The mortgage banker frequently protects a builder by a "standby"
agreement under which he agrees to make mortgage loans at an agreed price for
many months in the future. The builder deposits a "standby fee" with the
mortgage banker for this service. Frequently, the mortgage banker protects
himself by securing a "standby" from a long-term investor for the same period of
time, paying a fee for this privilege.
STARTER HOME:
A small home, inexpensive, suitable to first-time home buyers.
STATE STAMPS:
State levied land transfer taxes.
STATEMENT OF RECORD:
A filing required by the Department of Housing and Urban Development
(HUD) from a developer with a project involving 50 or more lots who plans to
market it across several states.
STATUTE:
A law enacted by a legislative body.
STATUTE OF FRAUDS:
State law which provides that certain contracts be in writing in order to
be enforceable by law.
STATUTE OF
LIMITATIONS:
A state law which prevents court actions by an injured party in a
contract if not taken within specific time limits.
STATUTORY LIEN:
A claim which may be registered against property and is created by a law.
STOCK COOPERATIVE PROJECT:
A subdivision where title to the property is held by a corporation.
Stockholders receive a right of possession of a particular apartment.
STRAIGHT LINE DEPRECIATION:
When a structure is depreciated at a constant rate throughout its useful
life.
STRAIGHT NOTE:
A note where the principal is paid in a lump sum at the end of the term.
STRAW MAN:
A slang term for a trustee who purchases property on behalf of another
who wishes to remain anonymous.
STREET ADDRESS:
See MUNICIPAL ADDRESS.
SUBDIVISION:
Real property divided for the purpose of sale, lease or finance whether
now or in the future.
SUBDIVISION
REGULATION(S):
Rules set out by the local government that set out minimum requirements
for approval of a new subdivision.
SUBJECT BUILDING:
A term used to identify the building being dealt with, examined or
considered, as distinguished from other buildings.
SUBJECT PROPERTY:
A term used to identify the property being dealt with, examined or
considered, as distinguished from other properties.
SUBJECT TO:
An indication that title to a property includes an obligation of some
sort, an easement, right of way, lien, right of claim. Opposite of "together
with".
SUBJECT TO MORTGAGE:
When a grantee takes a title to 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 that he can lose in the event of a
foreclosure is his equity in the property. See also "assumption of mortgage". In
neither case is the original maker of the note released from his responsibility.
SUBLEASE:
A lease given by a lessee.
SUBLESSEE:
A tenant's tenant.
SUBLESSOR:
A tenant who leases the premises to another person.
SUBMARGINAL LAND:
Real property that could not be developed in a financially useful way.
SUBMORTGAGE:
Where a mortgage is pledged as security for a loan to the mortgagee (the
original lender).
SUBORDINATE
FINANCING:
See SECONDARY FINANCING.
SUBORDINATE:
To make subject to or junior to.
SUBORDINATION:
Placing the right of one person behind those of another.
SUBORDINATION
CLAUSE:
Clause in a junior or a second lien permitting retention of priority. A
subordination clause may also be used in a first deed of trust permitting it to
be subordinated to subsequent liens, as for example, the liens of construction
loans.
SUBPOENA:
A process to cause a witness to appear and give testimony.
SUBROGATION:
The substitution of another person in place of the creditor to whose
rights he succeeds in relation to the debt. The doctrine is used very often
where one person agrees to stand surety for the performance of a contract by
another person.
SUBSTITUTE OF
TRUSTEE:
An instrument registering a change of trustee under a deed of trust.
SUBSTITUTION, PRINCIPAL OF:
Affirms that the maximum value of a property tends to be set by the cost
of acquiring an equally desirable and valuable substitute property assuming no
costly delay is encountered in making the substitution.
SUCCESSION:
Acquiring property of a deceased person who died intestate.
SUFFERANCE:
A legal concept, the deemed consent to the actions of another person
which results when a person who could be expected to react to the other person's
actions refuses to do so.
SUIT:
A legal action commenced to enforce a claim or right.
SUM-OF-THE-YEARS-DIGITS DEPRECIATION:
An accelerated method of computing depreciation.
SUPERADEQUACY:
A feature of a property which may not be recognized fully in the price of
the property.
SUPPLY AND DEMAND, PRINCIPLE OF:
Affirms that price or value varies directly, but not necessarily
proportionally, with demand, and inversely, but not necessarily proportionally,
with supply.
SUPPORT DEED:
An instrument conveying ownership of land in exchange for a promise on
the part of the grantee to care for the grantor for his lifetime.
SURETY:
One who guarantees the performance of another; guarantor.
SURETY BOND:
A legal document issued to assure the completion of an act by another
person.
SURFACE RIGHT:
A legal interest in the use or occupation of the top of land. As opposed
to "subsurface" or "mineral rights".
SURFACE WATER:
Water not contained in a regularly defined channel.
SURPLUS FUNDS:
Money gained in a mortgage enforcement sale of property which is in
excess of the money required to satisfy the mortgage, interest, penalties, and
costs.
SURPLUS PRODUCTIVITY, PRINCIPLE OF:
Affirms that the net income that remains after the proper costs of labor,
organization and capital have been paid, is imputable to the land and tends to
fix the value thereof.
SURRENDER:
To give up, to turn over something to a person claiming interest in it.
SURVEY:
The process by which a parcel of land is measured and its area is
ascertained.
SURVEYOR:
A professional who is trained to map out land and improvements to land
accurately.
SURVIVORSHIP:
The condition of outliving others. Surviving joint tenants have the right
to take title to the land from a deceased joint tenant by right of survivorship.
SWEAT EQUITY:
Slang term for the contribution to the value of a property made by manual
labor.
SWEETENER:
Slang term for an added incentive to a party to induce her to enter a
transaction.
SWING LOAN:
A short-term loan designed to bridge the borrower's finances between two
events. For example, a person who buys a new home in April but cannot sell her
old home until June may require a swing loan to carry both homes for the interim
period until the old home may be sold and the proceeds used to pay out the swing
loan. Also known as "bridge financing".
SYNDICATE:
A group of investors who pool their money for a common investment.