Sba - Small Business Administration.

Second mortgage - A mortgage recorded after a First mortgage, ranks second in priority.

Secondary market - A market for the purpose of purchase and sale of existing mortgages usually at discounted prices to provide greater liquidity to the mortgagee/lender.

Special assessment - Additional tax imposed by the local government for public improvements such as new streets, etc.

Special warranty deed - The seller warrants he has done nothing to impair title but makes no warranty before his ownership. Compare, GENERAL WARRANTY DEED and QUITCLAIM DEED.

Specific performance - A legal action to complete the performance of a contract.

Statute of limitations - The time period to file a law suit to enforce a claim or it is barred by law.

Subdivision - Dividing land into lots and streets. The owner signs a PLAT and Deed of Resubdivision which is recorded among the land records. The state and county have strict requirements for subdivision of land.

Subject to - Taking title to property with a lien but not agreeing to be personally responsible for the lien, if the holder who forecloses the lien can take the property but may not collect any money from the owner who took "subject to." Compare, ASSUMPTION.