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S

Superfund Amendments and Reauthorization Act (SARA)

This focuses on the cleanup of releases or hazardous substances on property. This also creates legal exposure based on liability for owners, landlords, and, sometimes, lenders.


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"


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