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| Subject to mortgage
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Circumstance in which a buyer takes title to mortgaged real property but is not personally liable for the payment of the amount due. The buyer must make payments in order to keep the property; however, with default, only the buyer's equity in that property is lost. The buyer is not liable for the amount due to the lender. |
| Sublease
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Lease agreement between the lessee (one who leases property from another) of an original lease and a new lessee. The new lessee is the subtenant because he is renting from the original tenant rather than the owner. |
| Sublessor
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The initial lessee of rented property who then leases it to a subtenant. |
| Subletting
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Process by which a lessee leases he property to another lessee. |
| Submarket
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Accumulation of housing units deemed substitutable by homogeneous households, such as those having comparable attractiveness and usefulness. |
| Submergence
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The distance the ejector, foot valve or submersible pump is installed below the pumping level. |
| Subordinate
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To reduce the priority of payment of a debt or lien as when a first lien becomes a second lien because it allowed another debt to become a first lien in its place. |
| Subordinate ground lease
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A lease where the mortgage has priority over the ground lease. |
| Subordinate loan
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A second or third mortgage on a piece of property, which already has a first mortgage. |
| Subordinate mortgage
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One having a lower priority than another; the subordinate mortgage has a claim in foreclosure only after satisfaction of mortgages with priority. |
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