# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Safe Harbor	Term used to identify the requirements to protect the Exchanger’s money as well as the "Qualified Intermediary."
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.
Schematics	Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.
Second Generation or Secondary Space	Refers to previously occupied space that becomes available for lease, either directly from the landlord or as sublease space. See also "First Generation Space.
Second Mortgage	A mortgage on property that ranks below a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts as liens at the same time. Legal sequence priority, indicated by the date of recording, determines the designation first, second, third, etc.
Secondary Mortgage Market	A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.
Security Agreement	A security document which creates a lien upon chattels, including chattels intended to be affixed to land as fixtures; known as a chattel mortgage prior to the adoption of the Uniform Commercial Code.
Security Deposit	Money collected at initiation of lease to provide additional confidence the Tenant will perform. It is not normally the last months rent, but is typically equal to that amount. Also, most leases require the deposit be replaced if the Landlord has to use it to cure a monetary default. It should be clear as to the space condition needed and timing at end of lease for return of deposit.
Seisen (Seizen)	Possession of real property under claim of freehold estate. This term originally referred to the completion of feudal investiture by which a tenant was admitted into the feud and performed the rights of homage and fealty. Presently it has come to mean possession under a legal right (usually a fee interest). As the old doctrine of corporeal investiture is no longer in force, the delivery of a deed gives seisin in law.
Septic Tank	A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground.
Sequential Deeding	Property is actually deeded to the Intermediary and the Intermediary deeds to the ultimate owner.
Setback	Zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line.
Settlement	The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.
Severalty	Sole ownership of real property.
Shell Lease	A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.
Shell Space	Setback requirements are normally provided for by ordinances or building codes. Provisions of a zoning ordinance regulate the distance from the lot line to the point where improvements may be constructed.
Shopping Center	A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.
Shoreline	The dividing line between private land and public beach on beachfront property.
Simple Interest	Interest computed on the principal balance only.
Simultaneous/Concurrent	An exchange without any time span between the sale and buy.
Site Analysis	The study of a specific parcel of land which takes into account the surrounding area and is meant to determine its suitability for a specific use or purpose.
Site Development	The installation of all necessary improvements, (i.e. installment of utilities, grading, etc.), made to a site before a building or project can be constructed upon such site.
Site Plan	A detailed plan which depicts the location of improvements on a parcel of land which also contains all the information required by the zoning ordinance.
Situs	The location of a property.
Slab	The exposed wearing surface laid over the structural support beams of a building to form the floor(s) of the building or laid slab-on-grade in the case of a non-structural, ground level concrete slab.
Soft Cost	That portion of an equity investment other than the actual cost of the improvements themselves (i.e. architectural and engineering fees, commissions, etc.) and which may be tax-deductible in the first year. See also “Hard Cost”.
Space Plan	A graphic representation of a tenant’s space requirements, showing wall and door locations, room sizes, and sometimes includes furniture layouts. A preliminary space plan will be prepared for a prospective tenant at any number of different properties and this serves as a “test-fit” to help the tenant determine which property will best meet its requirements. When the tenant has selected a building of choice, a final space plan is prepared which speaks to all of the landlord and tenant objectives and then approved by both parties. It must be sufficiently detailed to allow an accurate estimate of the construction costs. This final space plan will often become an exhibit to any lease negotiated between the parties.
Special Assessment	Any special charge levied against real property for public improvements (e.g., sidewalks, streets, water and sewer, etc.) that benefit the assessed property.
Special Warranty Deed	A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his tenure and ownership of the property and not against defects existing before the time of his ownership.
Specific Performance	A legal action brought in a court of equity to compel a party to carry out the terms of a contract.
Speculative Space	Any tenant space that has not been leased before the start of construction on a new building. See also "First Generation Space".
Spot Loan	A loan on a particular property, usually a condominium unit, by a lender who has not previously financed that particular condominium building.
Square Feet	The usual method by which rental space is defined. It is the area of that space, calculated by taking length times width. For example, a room 30 feet by 60 feet has an area of 1,800 square feet.
Standing Loan	A commitment by the interim or construction lender to keep the money already funded in the project for a specified period of time after the expiration of the interim loan, usually until permanent take-out financing is secured.
Starker	Name of the taxpayer in U.S. Court of Appeal's case which authorized Delayed Exchanges. The term Starker Exchange is no longer used to describe a Delayed Exchange.
Statute	A law established by an act of a legislature.
Statute of Frauds	State law (founded on ancient English law) which requires that contracts must be reduced to written form if it is to be enforced by law.
Statute of Limitations	A law barring all right of redress after a certain period of time from the moment when a cause of action first arises.
Step-Up Lease (Graded Lease)	A lease with fixed rent for an initial term and provision for pre-determined rent increases at specified intervals and/or increases based upon periodic appraisals; sometimes called a graduated lease.
Straight Lease (Flat Lease)	A lease specifying the same, a fixed amount, of rent that is to be paid periodically during the entire term of the lease. This is typically paid out in monthly installments.
Straight Note	A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity
Strip Center	Any shopping area, generally with common parking, comprised of a row of stores but smaller than the neighborhood center anchored by a grocery store.
Subagent	An agent of an individual already acting as an agent of a principal.
Subcontractor	A contractor working under and being paid by the general contractor. Often a specialist in nature, such as an electrical contractor, cement contractor, etc.
Subdivision Plat	A detailed drawing which depicts the manner in which a parcel of land has been divided into two or more lots. It contains engineering considerations and other information required by the local authority.
Subject to Mortgage	A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.
Subletting	The process of leasing space from a Tenant who is already obligated to a Landlord. A tool used to relieve a current tenant from the space. Does not normally release the primary tenant or their guarantors from the original lease. Most leases require Landlords consent. Subtenants need to confirm all aspects of the lease in writing with both the original Tenant and the Landlord. To make them attractive, most subleases are done at a discount from the face rate on the lease and the original primary Tenant absorbs the difference.
Subordination Agreement	As used in a lease, the tenant generally accepts the leased premises subject to any recorded mortgage or deed of trust lien and all existing recorded restrictions, and the landlord is often given the power to subordinate the tenant's interest to any first mortgage or deed of trust lien subsequently placed upon the leased premises.
Subscribing Witness	The witness to the execution of an instrument who has written his name as proof of seeing such execution.
Summary Possession	A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy.
Surety	One who at the request of another, and for the purpose of securing to him a benefit, voluntarily binds himself to be obligated for the debt or obligation of another. Although the term includes guarantor and the terms are commonly, though mistakenly, used interchangeably, surety differs from guarantor in a variety of respects.
Surface Rights	A right or easement granted with mineral rights, enabling the possessor of the mineral rights to drill or mine through the surface.
Surrender	The cancellation of a lease by mutual consent of the tenant and the landlord.
Survey	The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of houses in a lot including the determination of any existing encroachments or easements.
Survivorship	The right of survivorship is that special feature of a joint tenancy whereby all title, right and interest of a decedent joint tenant in certain property passes to the surviving joint tenants by operation of law, free from claims of heirs and creditors of the decedent.

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z