Dictionary
S
- sale - leaseback
Situation in which the vendor will lease the subject property from the purchaser.
- sales price
Value in exchange; the price obtained in an actual transaction.
- salesperson
The term used in the now repealed Real Estate Act, to refer to the licencee level equivalent of a representative.
- saving
The process of consuming less than what can be afforded in order to increase consumption in the future.
- servient tenement
Land bearing the burden of an easement or other right (i.e., restrictive covenant).
- shareholder
Individual who has purchased the rights and obligations associated with (part of) the equity of a corporation.
- similar
In appraisal, two properties are similar if the actual differences between the properties will not have a material effect on their selling price.
- simple interest
Interest which is charged only once on the sum originally borrowed, and paid at the end of the term along with the full amount of the principal. Contrast to Compound Interest.
- soft costs
Large outlays beyond the basic costs of land acquisition and construction of buildings.
- specific performance
The court, rather than granting damages in lieu of performance, orders that the terms of the contract be carried out by the party in default.
- stakeholder
Generally, a stakeholder is a third party chosen by two or more persons to keep money on deposit, the right to the money which may be contested between them.
- stare decisis
Literally, "let the former decision stand" - to abide by prior decisions and not to disturb the doctrine of the courts that, when the court has once laid down a principle of law applicable to a certain state of facts, it will adhere to that principle, and apply it to all future cases, where the facts are substantially the same; regardless of whether the parties and property are the same.
- statement of adjustment
A closing statement in a real property transaction whose format is structured by Debits and Credits. See also Closing Statements.
- statutory declaration
A written statement of facts signed by the maker and sworn to be true, usually before a lawyer or notary. A statutory declaration is similar to an affidavit.
- straight-line depreciation method
One possible method used to calculate depreciation expense for accounting purposes. The expected salvage value is subtracted from the purchase price of the depreciable item and the result is divided by the expected economic life to find the periodic depreciation expense.
- straight-line principal reduction loan
A mortgage which is paid off with periodic payments which always include the same amount of principal and an amount of interest based on the balance still owing.
- sub-mortgage broker
A defined term in the Mortgage Brokers Act. Basically, an individual employed by a mortgage broker who satisfies any one of the following requirements:
- carries on a business of lending money secured in whole or in part by mortgages, whether the money is his own or that of another person;
- holds himself out as, or by an advertisement, notice or sign indicates that he is, a mortgage broker;
- carries on a business of buying and selling mortgages or agreements for sale;
- in any one year, receives an amount of $1,000 or more in fees or other consideration, excluding legal fees for arranging mortgages for other persons; or
- during any one year, lends money on the security of 10 or more mortgages.
- carries on a business of collecting money secured by mortgages.
- subdivision
This is a defined term in various statutes. Basically, a subdivision is the division of land into two or more parcels.
- subject property
The property to be appraised.
- substantive law
The part of law which creates, defines, and regulates legal rights and obligations.
- support
The term for the right to have one's ground supported so that it will not cave in when an adjoining owner makes an excavation. Support is of two kinds, lateral and vertical.
- syndicator
The promoter who sets up a syndicate investment package.