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Sale and Leaseback [back to top]
A method of financing where a property is sold to a purchaser who simultaneously enters into a long-term lease of the property with the vendor. The vendor (now the lessee of the property) remains in possession for the specified term of the lease and covenants to pay the rental to this purchaser (now the lessor of the property) as well as all operation expenses.

Sales Clause [back to top]
This is a clause that enables the mortgagee to demand payment of the outstanding balance including interest upon sale or transfer of title.

Sales Hold Back [back to top]
A percentage of the principal amount of the mortgage held by the mortgagee until the property in question is sold to a party satisfactory to the mortgagee.

Second Mortgage [back to top]
A mortgage loan granted and registered when there is already a first mortgage registered on the property.

Set Back [back to top]
The distance from the curb or other established line within which no construction may occur.

Simple Interest [back to top]
Interest that is computed only on the principal balance - it is not compounded by calculating interest payable on accrued interest.

Single Family Dwelling [back to top]
A residential property designed for occupancy by one family that is situated on land zoned specifically for that purpose.

Split Financing [back to top]
A device by which lending is split into separate pieces and treated individually.

Standby Commitment [back to top]
A commitment from a mortgage lender to make a loan in a specified period of time, for specified terms, with the understanding the borrower will not draw down the funds.

Statement of Adjustments [back to top]
A statement that establishes the details of a mortgage transaction.

Statute [back to top]
A law established by an act of municipal council, or the provincial or federal legislatures.

Statute of Frauds [back to top]
A law which provides which states certain contracts, e.g. real estate contracts, must be in writing in order to be enforceable at law.

Statute of Limitations [back to top]
That period of time specified within which an action of law must be brought or else the action is forfeited.

Step-down Lease [back to top]
A lease providing decreases in rental payment at specified dates.

Step-up Lease [back to top]
Opposite to step-down lease.

Survey [back to top]
The legal written and mapped description of the location and dimensions of a property. The survey should also show the dimensions and placement on the lot of any structure, including additions such as pools, sheds and fences. An up-to-date survey is often required by a lender as part of the mortgage transaction.

Survivorship [back to top]
The right of a person to secure ownership by reason of their outliving another person (or persons) with whom they shared the undivided interest in the land.

Switch [back to top]
This is the term almost universally applied to changing lenders at the end of a term, when the mortgage becomes "open". Many lenders will now pay all of the costs of a "switch.", as well as giving them a reduced rate to lure them away from competitors.