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Sale Holdback is a percentage of the principal amount of the mortgage held back by the lender until the property in question has been sold to a party satisfactory to the lender and until this party has assumed the responsibility of the mortgage by the appropriate legal document.

Sale Leaseback is a technique in which a seller deeds the property to a buyer and the buyer simultaneously leases the property back to the seller, usually on a long-term basis.

Sales are earnings from day-to-day operations of the business.

Sales Data Report is a quick, non-inspection based appraisal that estimates a value for good quality real estate in low risk neighbourhoods. It provides important information but lacks in-depth details that other appraisals provide. The value estimate is based on MLS sales and listing data.

Schedule I, II and III Banks:

  • Schedule I Banks, as defined by the Bank Act, have shares that are widely held.
  • Schedule II Banks are more closely held
  • Schedule III Banks are foreign bank branches of foreign institutions.

Seasonal Deficiencies is work necessary to finish a property that cannot be completed immediately because of seasonal or climatic conditions.

Seal is a device used to produce an official stamp as a symbol of authority.

Secondary Financing is financing of real estate with a loan, or loans, subordinate to a first mortgage.

Secondary Mortgage Market is a market where existing mortgages are bought and sold.

Second Mortgage is a mortgage place on real property which is already encumbered with one mortgage. Determination of first , second, third mortgage, etc. is determined by priority of registration (time and date).

Servient Tenement is parcel of land through or over which an easement runs.

Servitude is the term of easement in Quebec.

Severance (Real Estate) is the subdivision of parcel of land.

Shareholder is also referred to as stockholder. It is someone who legally owns one or more shares of stock in company. The shareholders are the owners of the company.

Shareholder's Equity is the difference between the assets and liabilities of a corporation, sometimes called net worth.

Sheriff's Certificate is a signed statement from the sheriff's office certifying that there are no judgements against the specific land.

Simple Interest is the cost of borrowing money, calculated by applying the interest rate to the original principal amount only. In contrast to compound interest, interest is not charged on interest.

Skip Payment Option is an example of mortgage clause that may be added to an open mortgage. If this clause is a part of the mortgage agreement, the borrower has the ability to skip a monthly payment without the mortgage going into default.

Sole Proprietorship is a business owned by a single person and not registered as a corporation. The sole proprietorship has unlimited liability.

Specific Performance  is an equitable remedy to compel performance of a real estate or mortgage contract according to the specific terms of the contract.

Standby Commitment is an agreement by a lender to provide a certain amount of takeout mortgage financing on specific terms in future. this commitment enables the borrower to arrange construction financing from other sources. The commitment is issued for a fee and the lender is willing to disburse the commitment funds in the event that a permament loan on more favourable terms is not obtained.

Standby Fee is a sum of money given by the borrower to the lender to hold a mortgage commitment for a certain period of time. The fee is normally non-refundable.

Standing Mortgage is a mortgage that provides for equal, regular lump-sum payments of principal, usually quarterly, plus accrued interest.

Standing Offers are proposals which are made to the general public and can be accepted by anyone. Once one person has accepted a standing offer, no one else can accept it unless more than one acceptance was contemplated in the offer.

Starter Home is a small, inexpensive home generally bought by singles and newlyweds with the intent to sell in few years.

Statement of Changes in Financial Position is a financial statement that shows how a company obtains and uses its cash.

Statement of Retained Earnings is a financial statement that indicates the amount of earnings that have been kept in the business, either in the form of cash equity or invested in new assets for the company.

Statue Law is law that has been passed by an Act of Parliament or by provincial legislature.

Statuory Right of Way is a special type of easement granted by provincial legislation that permits a land owner, crown corporations or municipalities, to use another's land. One example of such a right of way is the right of a water authority to lay water pipe under an individual's land.

Step Mortgage is a mortgage product that attaches a mortgage loan to a line of credit in one package.

Subject Property is the property that is being appraised.

Subordinate means subject to, or junior to.

Subordination is the act of one party acknowledging by written recorded instrument that a debt due is inferior to the interest of another in the same property. Subordination may apply not only to mortgages but also to leases, real estate rights, and any other type of debt instrument.

Subprime Transactions is classification of lending based on the payment risk that the lender faces. Subprime deals (also known as B and C deals) face higher risk that the amount of money lent will not be repaid, compared to prime deals (also known as A deals).

Subrogation is replacing one person with another in regard to a legal right, interest, or obligation. An exampleif this would be a mortgage holder's selling his rights and interest to another.

Subscription Policy (Insurance) is a single insurance policy that states that two or more insurance companies are sharing the risk.

Surety is the guarantee given for the performance of someone else.

Survey sets out the legal description of a mortgaged property, allowing confirmation that any building sits within the described boundaries of the land.Land boundaries, areas and improvements are determined and plotted on the survey. Surveys are also used for identifying easements.

Surveyors Certificate is a formal statement signed, certified and dated by a surveyor giving the pertinent facts about a particular property and any easements or encroachments affecting it. Such certificates are no longer available in Ontario.

Syndication is a group of lenders that share in the principal disbursement of a large loan to spread risk or to comply with statutory restrictions on loan size.


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