Glossary of terms used on this site
There are 149 entries in this glossary.S
| Term | Definition |
|---|---|
| Sale and Leaseback |
A transaction in which the Grantor (Seller) in a deed to a parcel of property sells it, but retains the right to continue to possess or occupy it, by simultaneously leasing it from the Grantee (Buyer). |
| Separate Property |
Property owned by one spouse exclusive of any interest of the other spouse. |
| Squatter |
One who settles upon unoccupied land without legal claim or authority. |
| Starter |
A copy of the last title insurance policy or title report issued by a title insurer, which describes the title to land upon which a new search is to be made. In some states, this is called the "back title". |
| Subdivision |
An area of land laid out and divided into lots, blocks, and building sites, and in which public facilities are laid out, such as streets, alleys, parks, and easements for public utilities. |
| Subordination Agreement |
An agreement by which one encumbrance (for example, a mortgage or deed of trust) is made subject to another encumbrance (for example, a new mortgage or deed of trust; or perhaps a lease) To "subordinate" is to "make subject to", or to make of lower priority. |
| Surface Rights |
Rights to enter upon and use the surface of a piece of land, usually in connection with an oil and gas lease or other mineral lease. They may be "implied" by the language of the lease (no explicit reservation or exception of the surface rights) or "explicitly" set forth. |
| Survey |
The measurement by a surveyor of real property, which delineates the boundaries of a parcel of land. An ALTA survey additionally delineates the exact location of all improvements, encroachments, easements and other matters affecting the title to the property in question. In certain areas, a title insurance company as part of the real estate transaction may require a survey. |