SALE AND LEASEBACKA method of financing where a property is sold to a purchaser who simultaneously enters into a long-term lease of the property with the vendor. The vendor (now lessee) remains in possession for the specified term of the lease and covenants to pay the rental to this purchaser (now lesser) as well as all operation expenses. This enables the user to free his cash investment in the real property for some other use.
SALES HOLD BACKA percentage of the principal amount of the mortgage held back by the mortgagee until the property in question has been sold to a party satisfactory to the mortgagee.
SANDWICH LEASEA lease in which the "sandwich party" is the lessee of one party and the lesser to another. Usually, the owner of the sandwich lease is neither the fee owner not the user of the property.
SEALED AND DELIVEREDA term indicating that a conveyor has received adequate consideration as evidenced by his/her voluntary delivery. The word "sealed" adds more strength, since under old conveyancing law an official seal was used as a substitute for consideration.
SECOND MORTGAGEA mortgage loan granted, (and registered) when there is already a first mortgage registered against the property, usually with shorter terms and a higher interest rate than the first mortgage.
SECURED CREDITORA creditor who has one or more forms of security, which gives a prior claim on the security in case of default.
SELLER’S AGENTRepresents the seller, as a listing agent under the listing agreement with the seller or by cooperating as a sub-agent, typically through the MLS system.
SERVIENT TENEMENTAn estate or land over which an easement or some other service exists in favour of the dominant tenement.
SET BACKThe distance from the curb or other established line within which no buildings may be erected.
SHORT FORM MORTGAGEMortgage document which follows the exact language of the long form prescribed by law but is abbreviated, using shortened terminology, at the same time having the identical legal effect.
SINGLE FAMILY DWELLINGA residential property designed for occupancy by one family and situated on land zoned specifically for that purpose.
SPECIFIC PERFORMANCEA remedy in a court of equity compelling a defendant to carry out the terms of an agreement or contract. It is available only where the remedy of damages cannot afford adequate relief to the plaintiff.
SPECULATIVE BUILDER OR DEVELOPEROne who builds without having a commitment to buy or lease from a purchaser or tenant.
STANDBY COMMITMENTA commitment from a lender to make a loan in a specified period of time on specified terms with the understanding that the borrower will not likely draw down the funds.
STATUS CERTIFICATE (used to be called an ESTOPPEL CERTIFICATE)A written statement or certificate which states certain facts upon which the receiver of the statement or a third party may rely, e.g. Lender’s estoppel statement as to a purchaser or property. The lender cannot later deny the truth of these statements because a third party has relied and acted upon them.
STATUTE OF LIMITATIONSThat period of time specified by statute within which an action at law must be brought or else be forfeited.
STATEMENT OF ADJUSTMENTSA balance statement prepared by lawyers setting out the details of a mortgage transaction;indicates credits to the vendor, such as the purchase price and any prepaid taxes, and credits to the buyer, such as the deposit and the balance due on closing.
STATUTEA law established by an act of the legislature.
STATUTE OF FRAUDSA law which provides that certain contracts must be in writing in order to be enforceable by law. It includes real estate contracts.
STEP DOWN LEASEA lease providing for decreases in rental payment at specified dates.
STEP UP LEASEOpposite to step-down lease.
SURVEYA document that illustrates the property boundaries and measurements, the position of major structures on that property, any registered or viable easements.
SURVIVORSHIPThe right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
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