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SALE
AND LEASE BACK:
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.
SEPARATE
PROPERTY:
Real property owned by one spouse exclusive of any interest
of the other spouse.
SQUATTER:
One who settles upon unoccupied land without legal claim
or authority.
(See Adverse Possession.)
STARTER:
A copy of the last policy or report issued by a title insurer
which described the title to land upon which a new search
is to be made. In some states, this is called a back title
letter or back title certificate.
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
AGREEMENT:
An agreement by which one encumbrance (for example, a mortgage)
is made subject to another encumbrance (for example, a mortgage)
is made subject to another encumbrance (perhaps a lease).
To "subordinate" is to "make subject to,"
or to make of lower priority.
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:
The measurement by a surveyor of real property which delineates
the boundaries of a parcel of land. An ALTA survey additionally
delineates the exact location of all improvements, encroachments,
easements and other matters affecting the title to the property
in question. A title insurance company may require a survey
whenever the company is requested to issue an ALTA Extended
Coverage Policy.
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