Dwelling constructed prior to being sold. The builder "speculates" that a buyer will be found, thus the term "spec" house.
Special agent
Person who is retained to act for another, with limited authority.
Special assessment
Charged levied against property owners to finance an improvement made by the local government benefiting the homeowners and commercial businesses.
Special deposit account
If a loan is a rehabilitation mortgage, funds for restoration and remodeling are placed in this type of account and disbursed to the appropriate contractors once their work is completed.
Special purpose property
Building with limited uses and marketability, such as a church, theater, school or public utility.
Special purpose tile
Tile, either glazed or unglazed, made to meet or have special physical design or appearance characteristics such as size, thickness, shape, color or decoration; keys or lugs on back or sides; pregrouted assemblies or sheets; special resistance to staining, frost alkalies, acids, thermal shock, physical impact or high coefficient of friction.
Special steep asphalt
A roofing asphalt conforming to the requirements of ASTM Specification D 312, Type IV. This asphalt can be used on roofs with slopes up to 6 in 12 (50%).
Special use permit
Right granted by a local zoning authority to conduct certain activities within a zoning district. Such activities are considered conditional uses, which are permitted with the zone only upon special approval of the zoning authority. Also called a conditional use permit.
Special warranty deed
Property deed in which the grantor limits the title warranty to the grantee. A grantor does not warrant a title defect to the property occurring from a happening before the time of his ownership.
Specialist in real estate securities (srs)
Individual who by his expertise, education and experience prepares syndication reports.
