| Term | Definition |
|---|
| 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. |
| sublease | A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damage, including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent. Compare with assignment. |
| subpoena | A legal process ordering a witness to appear and give testimony or to present documents under penalty of law. |
| substitution, principle of | The principle which states that a buyer will pay no more for a property than the cost of an equally desirable alternative property. |
| succession | The passing of property or legal rights after death. The word commonly refers to the distribution of property under a states intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase. |
| suit for specific performance | A legal action brought by either a buyer or a seller to enforce performance of the terms of a contract. |
| taking | See eminent domain. |
| tenancy by the entirety | A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states. |
