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SiteMap UofAHousing.com
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Index: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

» Definition - 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.

» 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.

» Definition - steering

The illegal practice of directing members of minority groups to or away from certain areas or neighborhoods; channeling See Fair Housing.

» Definition - Studio

An apartment or house with the living space and sleeping space combined in one room Can be a one room studio or with a separate kitchen would be a two room studio.

» Definition - 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.

» Definition - 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.

» Definition - subpoena

A legal process ordering a witness to appear and give testimony or to present documents under penalty of law.

» Definition - 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.

» Definition - 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.

» Definition - suit for specific performance

A legal action brought by either a buyer or a seller to enforce performance of the terms of a contract.

real estate, property, location, building, house, home, condo, duplex, triplex, apartment, rental, tenant, landlord, deposit, maglione, maglione rentals, tucson,

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