Real Estate Markets are very different and many things are handled differently from one state to another. We have assembled a glossary of the most common terms used in the Florida Real Estate Market to assist our American clients and the many international clients from Canada, United Kingdom and other countries across the world.

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Sale and leaseback

A financing arrangement in which an investor buys property owned and used by a business accompanied by a simultaneous leasing back of the property to the business by the buyer-investor

 

Sale contract (contract for sale and purchase)

An agreement whereby one party agrees to sell and the other party agrees to buy according to the terms set forth

 

Sales associate

A licensed individual who, for compensation, is employed by a broker or owner- developer.

 

Sates comparison approach

A method for estimating the market value of a property by comparing similar properties to the subject property

 

Satisfaction of mortgage

A certificate issued by the lender when the debt obligation is paid in full

 

Seal

A mark, emblem, or impression on a document used to authenticate the document or a signature

 

Second mortgage (secondary financing)

A loan that is junior or subordinate to a first mortgage, normally taken out when the borrower needs more money

 

Security

Evidence of a debt or of ownership

 

Seisin

A covenant in a deed that warrants that the grantor (seller) holds the property by virtue of a fee simple title and has a complete right to dispose of same. Also known as seizin clause.

 

Sellers market

The demand for available properties exceeds the supply.

 

Separate property

Real property owned by a husband or wife prior to the marriage with the spouse having no present rights in such property, property owned individually.

 

Setback

Restrictions established by zoning or deed on the space required between lot lines and building lines.

 

Severally

Sole ownership of real property (“severed" from all others)

 

Severance

The act of removing something attached to the land (e.g., fruit, timber, fence).

 

Single agent

A broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction

 

Site plan

A document that indicates the improvement details for a project of greater-than-average size.

 

Slab-on-grade

Concrete foundation poured directly on the ground

 

Special assessments

Taxes levied against properties to pay for all, or part of, improvements that will benefit the properties being assessed

 

Special exceptions

Rulings in which a property owner is granted the right to a use otherwise contrary to law

 

Specific liens

Claims that affect only the property designated in the lien instruments or agreements

 

Specific performance

A remedy for an injured party obtained through a court of equity, which requires specific accomplishment of the contract terms by a defendant

 

State-certified appraiser

A person verified by the DBPR as qualified to issue state-certified real property appraisals.

 

Statute

An established rule or law passed by a legislative body

 

Statute of frauds

An act that requires that certain real estate instruments and contracts affecting title to real property be in writing in order to be enforceable.

 

Statute of limitations

An act that prescribes specific time restrictions for enforcement of rights by action of law.

 

Stay

Delay temporarily; stop for a limited time.

 

Steering

Discriminatory acts against buyers.

 

Subdivide

To segment large, acquired tracts of real property in order to create small tracts for the purpose of resale

 

Subdivision plat map

A plan of a tract of land subdivided into lots and showing required or planned amenities

 

Subject property

The real property under discussion or appraisal

 

Subject to the mortgage

A buyer makes regular periodic payments on the mortgage but docs not assume responsibility for the mortgage

 

Sublease

A lessee leasing a property to a third party for a period of time less than the original lease (also referred to as subletting)

 

Subordination clause

A provision in a mortgage in which the lender voluntarily permits a prior or subsequent mortgage to take priority over the lender's otherwise superior mortgage; the act of yielding priority

 

Principle of Substitution

An economic law of value no prudent buyer will pay more for a property than the cost of an equally desirable replacement property.

 

Supply

The quantity of goods or services offered for sale to consumers.

 

Survey

The procedure used to measure and describe a specific tract of real property for the purpose of determining exact boundaries and the area contained therein

 

Survivorship, right of

A legal concept whereby the surviving owners of a joint interest in real property are entitled to the interest formerly owned by one or more deceased owners

 

We hope you found the above links useful, and remember, if you have any questions regarding buying or selling your Florida Holiday Home or permanent residence in the Disney Orlando area please contact us - we look forward to your call.