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SALE AND LEASEBACK |
A contract wherein the buyer of a property
agrees to lease the same property to the seller. |
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SALES CONTRACT |
A contract by which a buyer and a seller agree
to terms of sale. |
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SATISFACTION |
The discharge of a mortgage or a trust deed
lien from the records upon payment of the evidence debt. |
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SEAL |
An impression made to attest the execution of
an instrument. |
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SETBACK |
The distance from the curb or other
established line, within which no building may be erected.
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SHERIFF'S DEED |
A deed given by the court order in connection
with the sale of property to satisfy a judgment. |
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SPECIAL ASSESSMENT |
A legal charge against real estate by a public
authority to pay the cost of public improvements such as
street light, sidewalks, street improvements, etc. |
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SPECIFIC PERFORMANCE |
A remedy in court compelling the defendant to
carry-out the terms of the agreement of contract which was
executed. |
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STATUTE OF FRAUDS |
A state of law which provides that certain
contracts must be in writing in order to be enforceable at
law. Examples: a real property lease for more than one
year; an agent's authorization to sell real estates. |
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STEWARDSHIP CONCEPT OF OWNERSHIP
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Obliges owners to utilize their property in a
manner that will benefit not only their interest but also the
general welfare. When the extent of one's ownership exceeds
the requirements of his necessities or when property
utilization is not conductive to general welfare, then the
state may exercise its power and authority to regulate or
control ownership. |
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SUBORDINATION CLAUSE |
A clause in a junior or second lien permitting
retention of priority for prior liens. 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. |
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SUBPOENA |
A process to cause a witness to appear and
give testimony. |
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SUBSTITUTION PRINCIPLE OF
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The value of replaceable property tends to be
indicated by the value of an equally desirable substitute
property. |
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SURETY
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One who guarantees the performance of
another. Guarantor. |