A • B • C • D • E • F • G • H • I • J • K • L • M • N • O • P • Q • R • S • T • U • V • W • X • Y • Z • Notes on Using this Glossary Special Assessment: A legal charge against real estate by a public authority to pay the cost of public improvements, such as for the opening, grading, and guttering of streets, the construction of sidewalks and sewers, or the installation of streetlights or other such items to be used for public purposes. Special Lien: A lien that binds a specified piece of property, unlike a general lien, which is levied against all one’s assets. It creates a right to retain something of value belonging to another person as compensation for labor, material, or money expended in that person’s behalf. In some localities it is called particular lien or specific lien. Special Warranty Deed: A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that she has done nothing during the time she held title to the property which has, or which might in the future, impair the grantee’s title. Specific Performance: A remedy in the court of equity whereby the defendant may be compelled to do whatever he has agreed to do in a contract executed by him. Statute: A law established by the act of the legislative powers; an act of the legislature; the written will of the legislature solemnly expressed according to the forms necessary to constitute it as the law provides. Subdivision: A tract of land divided into smaller parcels of land, or lots, usually for the purpose of constructing new houses. Sublease: An agreement whereby one person who has leased land from the owner rents out all or a portion of the premises for a period ending prior to the expiration of the original lease. Subordination Clause: A clause in a mortgage or lease stating that one who has a prior claim or interest agrees that his or her interest or claim shall be secondary or subordinate to a subsequent claim, encumbrance, or interest. Survivorship : The distinguishing feature of a tenancy by the entirety, by which, on the death of one spouse, the surviving spouse acquires full ownership. |