| SALES CONTRACT | A formal, written document specifying the terms and conditions under which the sale of a property will take place. |
| SECOND MORTGAGE | A second loan on real estate that already has a mortgage. It is subordinate to the first mortgage. Usually of shorter term and often at higher interest rate. |
| SECONDARY MARKET | A collection of agencies that buy mortgages from primary lenders. These mortgage funds are than pooled and sold to investors, much like a mutual fund. By purchasing loans form primary lenders, the secondary market supplies money for additional mortgages. |
| SECTION OR SECTION OF LAND | A parcel of land comprising one square mile or 640 acres. |
| SET BACK LINES | Those lines which delineate the required distances for the location of structures in relation to the perimeter of the property. |
| SETTLEMENT | The closing of a mortgage loan. |
| SINGLE AGENCY | A relationship in which an agent represents the buyer or the seller but not both. |
| SPECIAL WARRANTY DEED | The seller warrants he has done nothing to impair title but makes no warranty before his ownership. Compare, GENERAL WARRANTY DEED AND QUITCLAIM DEED. |
| STATUTE OF LIMITATIONS | The time period to file a law suit to enforce a claim or it is barred by law.l |
| SUB-SURFACE RIGHT | The right of ownership to things lying beneath the physical surface of the property. |
| SUBDIVISION | Dividing land into lots and streets. The owner signs a PLAT and Deed of Resubdivision which is recorded among the land records. The state and county have strict requirements for subdivision of land. |
| SUBJECT TO | Taking title to property with a lien but not agreeing to be personally responsible for the lien. If the holder who forecloses the lien can take the property but may not collect any money from the owner who took "subject to." Compare, Assumption. |
| SURVEY | The process of measuring land to determine its size, location and physical description and the resulting drawing or map. |
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