| Term | Definition |
|---|
| simple interest | Interest computed only on the principal balance. Contrast with compound interest. |
| single-family home | A free-standing, residential structure, designed to accomodate one family. Single-family homes include traditional houses, as well as patio homes. |
| special warranty deed | A warranty deed which, instead of warranting the title from sovereignty of the soil to the last grantee, merely warrants the title against every person whomsoever lawfully claiming or to claim the same, or any part thereof, by, through or under the grantor. |
| specific lien | A claim that only applies to or affects a certain property or group of properties. Contrast with general lien. |
| specific performance | Carrying out of the precise terms agreed upon in a contract. Also see suit for specific performance. |
| spite fence | An unsightly fence erected for no other purpose than to irritate a neighbor. Such a fence may be illegal under local fence height and appearance regulations or state laws that specifically bar spite fences. Even if it doesn't violate regulation or laws, the fence may still be illegal if it was built with malicious intent. |
| Statute of Frauds | The law which requires among other things, that all contracts transferring real estate, or for the leasing of property for over one year, must be in writing to be enforceable. |
| statutory year | A year composed of twelve months, each with thirty (30) days, for a total of 360 days in a statutory year. Also known as a banker's year. Contrast with calendar year. |
| steering | The illegal practice of directing members of minority groups to, or away from, certain areas or neighborhoods; channeling. See Fair Housing. |
| subject to mortgage | The buyer of an already mortgaged property makes the payments, but does not take personal responsibility for the loan. Should the mortgage be foreclosed and the property sold for a lesser amount than is owed, the grantee-buyer is not personally liable for the deficiency, but the grantor-seller is. Contrast with assumption of mortgage. |
