Real Estate Glossary S - U

Sale-Leaseback: An arrangement by which the owner occupant of a property agrees to sell all or part of the property to an investor and then lease it back and continue to occupy space as a tenant.

Security Deposit: A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.

Setback: The distance a building must be set back from the property lines in accordance with local zoning ordinances or deed restrictions.

Site Development: The installation of all necessary improvements (installment of utilities, grading etc) made to a site before a building or project can be constructed on such a site.

Site Plan: A detailed plan which depicts the location of improvements on a parcel of land which also contains all the information required by zoning ordinances.

Slab: The exposed wearing surface laid over the structural support beams of a building to form one of the floor(s) of the building or laid slab on grade in the case of non-structural ground level concrete slab.

Space Plan: A graphic representation of a tenant's space requirements, showing all wall and door locations, room sizes, and sometimes furniture layout.

Special Assessment: Any special charge levied against real property for public improvements that benefit the assessed property.

Specific Performance: Carrying out the precise terms agreed upon in a contract.

Sublease: A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still bound by the terms of the original lease including payment, and any damages. Including those caused by the sublessee.

Subordination Agreement: As used in a lease, the tenant generally accepts the leased premises subject to any recorded mortgage or deed of trust lien and all existing recorded restrictions and the landlord is often given the power to subordinate the tenant's interest to any first mortgage or deed of trust lien subsequently placed on the leased premises.

Survey: The process by which a parcel of land is measured and its boundaries and contents are ascertained and marked.

Tax Roll: A list or record containing the descriptions of all land parcels located within the county, the names of the owners, the assessed values and the tax amounts.

Tenant Improvement (TI): Allowance or work letter defining the fixed amount of money contributed by the landlord towards tenant improvements.

Tenant Improvements: Improvements made to the leased property by or for a tenant.

Time Is Of The Essence: An optional clause in a contract, making failure to perform by a specific date a material breach or violation of the contract.

Title Insurance: A policy issued by a title company which insures against loss resulting from defects of title to a specifically described parcel of real property or from the enforcement of liens existing against it at the time the policy is issued.

Trustee: One who as agent for others handles money or holds title to their land.

Under Contract: A property for which the seller has accepted a buyer's offer to purchase is said to be under contract. During this period the seller is not permitted to enter into other contracts pertaining to said property.

Unimproved Land: Most commonly refers to land without improvements or buildings but can also mean land in its natural state.

Uninterruptible Power Supply (UPS): A special power source which takes over in the event of a failure in the main power system.

Usable Square Feet: The space deemed usable contained within the premises. If the entire building is occupied by a single user, the rentable and usable square foot calculations may be the same.