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S

supply and demand

The principle of supply and demand merely expresses the affect on price of changes in supply and demand. All things being equal, as the supply of real estate increases, prices will fall. Conversely, as demand increases, prices will rise.

surety bonds

cover a business for losses as a result of criminal activity of its employees when conducting tasks for the business.


surface right

ownership rights in real estate that is limited to the surface of the property and does not include the air above (air rights) or the minerals below (mineral rights) the surface.

survivability

parts of a contract that survive past the transaction

Examples:

  1. When one section of a contract is invalid, the rest of the contract "survives" and is still valid
  2. If you were to buy someone's house today and the property taxes have not been paid yet, the owner would hand you 300 dollars for the future payment. When time comes for the payment, it is really 400 that the owner owes you, they still have to pay this 400; that part of the contract "survives"

T

tacking

Adding or combining successive periods of continuous occupation of real property by adverse possessors. This concept enables someone who has not been in possession for the entire statutory period to establish a claim of adverse possession.

taxation

The process by which a government or municipal quasi-public body raises monies to fund its operation.

tenancy by the entireties

is a special ownership created for husband and wife. In a tenancy by the entireties, both the husband and wife own 100% of the property. The marital partners must take title at the same time and through the same deed. Some states require specific verbiage to be included in the deed. This form of ownership is not recognized by all states and is not available in Georgia.

tenancy in common

ownership in real estate by two or more people. Each person owns a separate and divisible interest in the property that will be inherited by their heirs upon death unless directed otherwise by a will. Ownership as tenants in common is the default estate should the deed conveying title not specifically provide for another type.

tenant compatibility

A manager must make sure that a certain place is suitable for a tenant in location, size, and amenities. The manager should also make sure the tenant is able to pay for the space. Tenant compatibility is simply making sure the tenant is a good choice for the space you are managing.


tenant improvements

Also called construction allowance, it is money to a lessee from the lessor to cover the cost, partially or in all, of preparing a structure for the lessee's occupancy. This could include costs for partitions, wiring, lighting, and standard carpeting.



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