Appraisal term for the property that is being appraised.
Subject to
Property that is purchased with conditions to be met, such as "subject to being allowed to subdivided into a certain amount of lots".
Subject to mortgage
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
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
The initial lessee of rented property who then leases it to a subtenant.
Subletting
Process by which a lessee leases he property to another lessee.
Submarket
Accumulation of housing units deemed substitutable by homogeneous households, such as those having comparable attractiveness and usefulness.
Submergence
The distance the ejector, foot valve or submersible pump is installed below the pumping level.
Subordinate
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
A lease where the mortgage has priority over the ground lease.
