Thursday, July 8, 2010

The A-Z of Escrow: S

Septic Tank: When public sewers are not available, a property is required to utilize a septic tank system. The system includes hooking up the property's sewage system to a tank that is buried deep in the ground away from the house. The solid organic sewage is collected in the tank where it is decomposed and purified by anaerobic bacteria.

Subdivision: An area of land laid out and divided into lots, blocks, and building sites, and in which public facilities are laid out, such as streets, alleys, parks, and easements for public utilities.

Subordination Agreement: An agreement by which one encumbrance ( a mortgage) is made subject to another encumbrance (a mortgage) is made subject to another encumbrance (possibly a lease).

Survey: Graphical drawing that locates improvements on the land in relation to the property lines, easements, etc.

0 comments:

Post a Comment

Escrow of the West on Facebook