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Glossary

 
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Glossaries

Term Definition
s-corporation
a corporation that has made an election under sub-chapter s of the Internal Revenue Code to be a pass-through entity for tax purposes.
security deposit
A payment made to a landlord on deposit to ensure that the premises are returned in a specified condition.
Servient Tenement
The landowner burdened by an easement.
Shareholders
owners of a corporation
short sale
A transaction whereby a lender is asked to accept less than full value on real property in exchange for a release of lien.
Small Business Administration
SBA, the governmental agency that enables and guarantees lending to small businesses nationwide.
sole proprietorship
An unincorporated business that is owned by one individual
special needs trust
A trust created to ensure a disabled person's benefits are maintained despite the intention to leave that person some inheritance.
spendthrift clause
A clause that prohibits a beneficiary from borrowing against an inheritance that is anticipated.
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.