Real estate terms starting with S

Sale Agreement

A contract entered into between a buyer and seller, setting forth the terms, provisions and conditions of a sale of real estate.

Sale and Leaseback

The sale of an asset to a buyer who immediately leases it back to the seller.

Search

A careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title.

Second Mortgage

A mortgage ranking in priority immediately below a first mortgage.

Statement of Information

This information statement is confidential and is used to enable the title company to eliminate title problems which may arise through similarity of the name of Seller or Buyer

Subordination

The act or process by which a person's rights are ranked below the rights of others. For example, a second mortgagee's rights are subordinate to those of the first mortgagee.

Surety

A person who agrees to be responsible for a debt or obligation of another. The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.