A-B

C-D

E-G

H-J

K-M

N-P

Q-R

S-T

U-Z

S

Sale Agreement

A contract entered into between a buyer and seller, setting forth the terms, provisions and conditions of a sale of real estate.

Sale and Leaseback

A situation in which the grantor in a deed to a parcel of property sells it and retains possession by simultaneously leasing it from the grantee.

Search

In title industry parlance, a careful exploration and examination of the public records in an effort to find all recorded instruments relating to a particular chain of title.

Second Mortgage

A mortgage ranking in priority immediately below a first mortgage.

Section or Section of Land

A parcel of land comprising one square mile or 640 acres.

Separate Property

Real property owned by one spouse exclusive of any interest of the other spouse.

Set Back Lines

Those lines which delineate the required distances for the location of structures in relation to the perimeter of the property.

Special Assessments

A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.

Street Improvement Bonds

Interest-bearing bonds issued, usually by a city or county, to secure the payment of assessments levied against land to pay for street improvements. The property owner may pay off the particular assessment against the property, or may allow the assessment to “go to bond” and pay installments of principal and interest over a period of years, usually at the city or county treasurer’s office. The holder of a bond received payments from these offices.

Subdivision

An area of land laid out and divided into lots, blocks, and building sites, and in which public facilities are laid out, such as streets, alleys, parks, and easements for public utilities.

Subordination

The act or process by which a person’s rights are ranked below the rights of others. For example, a second mortgagee’s rights are subordinate to those of the first mortgagee.

Subordination Agreement

An agreement by which one encumbrance (for example, a mortgage) is made subject (junior) to another encumbrance. To “subordinate” is to “make subject to,” or to make of lower priority.

Subrogation

The substitution of one person for another, so that the former may exercise certain rights or claims of the latter. Used primarily when a surety relationship exists, as in insurance.

Subsurface Rights

The rights of ownership to things lying beneath the physical surface of the property.

Surety

(1) A person who agrees to be responsible for a debt or obligation of another. (2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.

Surface Rights

Rights to enter upon and use the surface of a parcel of land, usually in connection with an oil and gas lease or other mineral lease. They may be “implied” by the language of the lease (no explicit reservation or exception of the surface rights) or “explicitly” set forth.

Survey

A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description.

T

Tax

As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State.

Tax Deed

A deed executed by the tax collector to the state, county or city after a period of non-payment of taxes according to statute.

Tax Sale

(1) Property on which current county taxes have not been paid is “sold to the state.” No actual sale takes place. The title is transferred to the state and the owner may redeem it by paying taxes, penalties and costs. If it has not been redeemed within five years, the property (referred to as “tax sold property”) is actually deeded to the state. (Similar “sales” to cities take place for unpaid city taxes.) (2) A public sale of property at auction by a governmental authority after a period of non-payment of property tax.

Tenancy by the Entirety

Ownership by married persons where each owns the entire estate, with the survivor taking the whole upon the other’s death.

Tenancy in Common

An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners.

Tenant

Any person occupying real property with the owner’s permission.

Testate

Leaving a legally valid will at death. See Intestate.

Title

As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.

Title Covenants

Covenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as “common law covenants” includes: covenants against encumbrances; covenants for further assurance (in other words, to do whatever is necessary to rectify title deficiencies); covenants of good right and authority to convey; covenants of quiet enjoyment; covenants of seisin; covenants of warranty.

Title Defect

(1) Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. (2) Any material irregularity in the execution or effect of an instrument in the chain of title.

Title Insurance

Insurance against loss resulting from defects of title to a specifically described parcel of real property. Insurance benefits will be paid only to the “named insured” in the title policy, so it is important that an owner purchase an “owner’s title policy,” if he desires the protection of title insurance.

Title Plant

Also called “abstract plant” in some areas. A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorneys’ opinions, abstracts, tax searches and copies or take-offs of the public records.

Title Search or Examination

A review of all recorded documents affecting a specific piece of property to determine the present condition of title.

Township

A territorial division of land established by federal survey, being six miles square, containing 36 sections or 36 square miles.

Tract

A parcel of land.

Trust

A fiduciary relationship under which one holds property for the benefit of another.

Trustee

A party who is given legal responsibility to hold property in the best interest of or “for the benefit of” another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. 

Westcor Land Title Insurance Company does not guarantee complete accuracy of this dictionary.