Glossary S

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Sales Contract	A contract by which buyer and seller agree to terms of a sale.
Sandwich Lease	A leasehold interest which lies between the primary lease and the operating lease. It is created when the lessee enters into a sublease.
Satisfaction	In real estate practice, an instrument to be recorded on the county recorder's books when a mortgage has been paid in full. it is signed by the mortgagee and recites that the debt has been satisfied.
Separate Property	Property owned by a husband or wife which is not community property; property acquired by either prior to marriage or by gift, will or inheritance, and all of the rents, issues and profits thereof.
Sheriff's Deed	Deed given by court order in connection with the sale of property to satisfy a judgment.
Simple Interest	Interest computed on principal alone, as opposed to compound interest.
Situs	Location.
Specific Performance	An action at law to compel the performance of a contract according to its terms.
S.R.E.A.	Designates a person who is a member of the Society of Real Estate Appraisers.

Statute of Frauds	State law which provides that certain contracts must be in writing in order to be enforceable at law.
Statutory Law	Rules formulated into law by legislative action.
Straight Line Depreciation	Definite sum set aside annually from income to pay cost of replacing improvements without reference to interest it earns.
Subject to Mortgage	When a grantee takes title to a real property "subject to mortgage," he is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The most he can lose in the event of a foreclosure is his equity in the property." (See also "Assumption of Mortgage" in this section.) The original maker of the note is not released from his responsibility to pay off the obligation.
Sublease	A lease given by a lessee.
Subordination Clause	Used in a first or senior lien permitting it to be subordinated to a subsequent lien, such as a construction loan. it converts a senior trust deed into a junior trust deed (second, third, etc.).
Subrogation	The substitution of another person in place of the creditor to whose rights he succeeds in relation to the debt. The doctrine is often used when one person agrees to stand surety for the performance of a contract by another person.
Surety	One who guarantees the performance of another. Guarantor.

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