Sale And Leaseback - The sale and subsequent leasing back by the seller-lessee.

Sandwich Lease - A leasehold interest of a sublessor which lies between the primary lease (owner) and the operating lease (user).

Satisfaction Of Mortgage - An instrument used when a lien is paid off and satisfied on the records; also called satisfaction piece.

Second Mortgage - One that is recorded after a first mortgage, thus, second in priority.

Secondary Mortgage Market - The marketplace for the sale and purchase of existing mortgages.

Section - A section of land established by government survey containing 640 acres, or I square mile. Also, a portion of a tax map description.

Security Deposit - A deposit made to assure performance of an obligation, usually by a lessee.

Seisin - Possession of real property by one entitled thereto; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal title; also seizen.

Septic Tank - An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.

Servient Estate - An estate of land over which an easement exists in favor of the dominant estate:

servient tenement.

Setback - An ordinance prohibiting the erection of a building or structure between the curb or other established line and the setback line: the distance a house must he set hack from the street in accordance with local zoning rules.

Severalty - Sole or independent ownership.

Severance Damages - Damages paid to an owner when his property has been partially taken by condemnation, thus reducing the highest and best use of the remaining land.

SimpleInterest - Interest computed upon the declining balance of a particular amount: as principal declines so does the interest payment.

Single Agency The brokerage practice of representing only one party to a real estate transaction whether the buyer or the seller, never both.

Sinking Fund - Periodic deposits of money into an account that, with its interest earnings, will he used to replace assets or to retire loans.

SiteOffice - A temporary place of business other than the principal place of business or branch office. Sky Lease - A lease of space above a piece of real estate.

SpecialAgent - One authorized to perform limited specific functions.

SpecialAssessment - An assessment generally made against only those specific parcels of realty directly benefiting there from.

Special Warranty Deed - A deed in which the grantor warrants or guarantees the title only against detects arising during his ownership and not against defects existing before the time of his ownership.

Specific Performance - A remedy which the court will grant in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract.

Spot Zoning Allows one property in an area to be zoned differently than the rest.

Statute - A law established by an act of the legislature.

Statute Of Frauds - State law requires among other things that certain contracts relating to real estate must be in writing w be enforceable at law.

Statute Of Limitations - Laws setting forth the period of time in which suit can be brought for a particular act. Steering Directing prospective buyers or tenants into or away from certain areas on discrimination grounds.

Step-Up Lease - A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times: graduated lease, graded lease,

Straw Man - One who purchases property for another to conceal the identity of the real purchaser; a dummy purchaser; a nominee.

Sub-agent - An agent working under the main agent, such as a salesperson for a listing broker.

Sublease - A lease given by a lessee for a portion of the unexpired balance of his term.

Subordination Clause - A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance.

Subrogation - The substitution of one person in place of another with reference to a lawful claim, demand or right. so that he succeeds to such rights of the other,

Summary Possession - When for good reason a landlord may terminate a lease and the tenant must appear and show cause why he should not he evicted. Also called Dispossess Proceeding or Unlawful Detainer.

Surety -. One who becomes a guarantor for another.

Surrender - The cancellation of a lease by an act of mutual consent of lessor and lessee.

Survey - The process by which a parcel of land is measured and its area ascertained.

Syndication - Multiple ownership of an investment, usually in the form of a limited partnership.