Sale And Leaseback – The sale and subsequent leasing back by the seller-lessee.

Second Mortgage – One that is recorded after a first mortgage thus second mortgage in priority.

Security Deposit – A deposit made to assure performance of an obligation, usually by a lessee.

Setback – An ordinance prohibiting the erection of a building or structure between the curb or other established line and the setback line; the distance a house must be set back from the street in accordance with local zoning rules.

Severalty – Sole or independent ownership.

Simple Interest – Interest computed upon the declining balance of a particular amount; as principal declines so does the interest payment.

Special Assessment – An assessment generally made against only those specific parcels of realty directly benefiting there from.

Specific Performance - A remedy which the court will grant in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract.

Stature of Frauds – State law requires among other things that certain contracts relating to real estate must be in writing to be enforceable at law.

Statue Of Limitations – Laws setting forth the period of time in which suit can be brought for a particular act.

Step Up Lease – A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; graduated lease, graded lease.

Subordination Clause – A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance.