The Real Estate
Encyclopedia: P-T

In real estate and legal usage, subordinate means to make one interest subject to, or lower in priority than, another interest. A subordinate interest is junior or inferior in rank. Subordination commonly applies to liens, mortgages, or lease interests. When an...

In real estate law, a sublease is a lease agreement in which the tenant under an existing lease, known as the lessee, becomes the lessor to another party. The original lessee leases all or part of the property to a subtenant. Under a sublease, the original lease...

In real estate and land development, a subdivision is the division of a single parcel of land into smaller parcels or lots. This process is typically carried out by preparing and filing a map that shows the proposed division. Creating a subdivision requires approval...

In real estate and construction, a subcontractor is a contractor who performs specialized work under a general contractor. Subcontractors are typically responsible for specific trades such as electrical, plumbing, cement, or other skilled services. The subcontractor’s...

In real estate and agency law, a subagent is a person to whom an agent has delegated authority, with the permission of the principal. The subagent’s powers are not granted directly by the principal, but flow through the original agent. A subagent owes fiduciary duties...

In real estate appraisal and investment analysis, straight line depreciation is a method of allocating the cost of an income producing property evenly over its economic life. Each year, the same fixed amount of value is deducted to reflect the gradual loss in...

In real estate leasing, a straight lease is a lease agreement that requires the tenant to pay the same amount of rent at regular intervals throughout the entire lease term. The rent remains fixed and does not change over the duration of the lease. Straight leases...

In real estate leasing, a step up lease is a lease agreement that provides for predetermined increases in rent at specified intervals during the lease term. The rent adjustments are set in advance and do not depend on market conditions. Step up leases are commonly...

In real estate law, a statutory warranty deed is a deed that conveys title with certain warranties implied by statute rather than expressly stated in detail. It infers that the grantor is the undisputed owner of the property, has the legal right to convey it, and will...

In real estate law, a statutory lien is an involuntary lien created by operation of law rather than by agreement of the parties. It arises automatically when specific conditions set forth in a statute are met. Common examples of statutory liens include property tax...