HOME ABOUT CONTACT FEES F. A. Q. GLOSSARY ACRONYMS LAWS LINKS Like any industry, real estate has its own jargon. Some of the terms are peculiar to the Philippines. And a lot of the words may be already familiar to you, but will have a slightly different meaning or emphasis when used by real estate professionals.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z SALE AND LEASE BACK A contract wherein the buyer of a property agrees to lease the same property to the seller. SATISFACTION The discharge of a mortgage or trust deed lien from the records upon payment of the evidenced debt. SEAL An impression made to attest the execution of an instrument. SETBACK The distance from a curb or other established line, within which no bulding may be erected. SEVERALTY OWNERSHIP Individual ownership of real estate. SHERIFF'S DEED A deed given by court order in coonnection with the sale of property to satisfy a judgment. SKY LEASE The lease of air space above the realty. SPECIAL ASSESSMENT A legal charge against real estate by public authority to pay ht ecost of public improvements, such as steet lights, street improvements, etc. SPECIFIC PERFORMANCE A remedy in court compelling the defendant to carry out the terms of the agreement or contract which was executed. STATUTE OF FRAUDS A state law which requires certain contracts to be in writing in order to be enforceable at law, among them, a real property lease for more than one year or an agent's authorization to sell real estate. SUBLETTING The leasing by the tenant to antoher person who holds under him. SUBORDINATION CLAUSE A clause in a junior or second lien permitting retention of prioerity for prior liens; or may also be used in a first deed of trust permitting it to be subordinated to subsequent liens. SUBPOENA A process to cause a witness to appear and give testimony in court. SURETY One who guarantees the performance of another. Guarantor. SURRENDER The cancellation of a lease by the mutual consent of the lessor and the lessee. SURVEY The ascertainment of the measurements and area of land by surveyors.