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Glossary

 
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Glossaries

Term Definition
squatters
individuals in possession of a property with no remaining legal interest therein.
Stock Sale
Transfer of interests in a corporation.
Sub-Lease
When a tenant leases the property it has under lease to another tenant, usually requiring consent of the landlord.
subordination
Positioning one's own interests beneath those of others.
Subordination and Non-Disturbance Agreement
A document used to ensure that a lease will be honored after a significant change in property ownership.
Subrogation
An agreement to work with an insurance company in regard to a claim.
substantial completion
The point at which a build-out is considered complete enough to invoke the spirit of a tenancy, if not the letter.
successor trustee
A trustee who will serve if the primarily designated trustee is unable or unwilling to do so.
tenant in common
A form of holding title that enables the title-holders to separately convey their respective portions of the real property, whether by sale or will or trust benefit.
Term
The duration of a lease
Trust Transfer Deed
A deed used to transfer real property into a trust so as to fund the trust.
trustee
(1) The person that has custody of or control over funds or items for the benefit of another; (2) in a bankruptcy case, a person appointed to represent the interests of the bankruptcy estate and the unsecured creditors. The trustee's responsibilities may include selling the property of the estate, making distributions to creditors, and bringing actions against creditors or the debtor to recover property of the bankruptcy estate.
trustee
(1) The person that has custody of or control over funds or items for the benefit of another; (2) in a bankruptcy case, a person appointed to represent the interests of the bankruptcy estate and the unsecured creditors. The trustee's responsibilities may include selling the property of the estate, making distributions to creditors, and bringing actions against creditors or the debtor to recover property of the bankruptcy estate.
Unified Credit
The total lifetime credit given to an individual over which estate and gift taxes become relevant.
Valuation
A method of determining the market or other worth of a company or piece of property.