S
Sale and Leaseback
An arrangement whereby an investor purchases real estate owned and
used by a business and then leases it back to that business.
Sale and Purchase Agreement (SPA)
Contract signed by the vendor and purchaser which stated all the
terms and conditions of purchasing a property.
Share Units
Entitlement
Each parcel is given a "share units entitlement" and this is shown
on the strata plan. The amount of the share units entitlement varies
depending on a number of factors, eg. the size of the parcel, the
location of the parcel, the selling price of the parcel, the market
value of the parcel, etc. Levies payable are calculated on the basis
of share unit entitlements meaning the larger your share unit of
entitlement the more levies you pay.
Sinking Fund
Levies paid into this account to cover periodic expenditures such as
renewal and replacement of fixtures and fittings, eg painting,
stairwell carpets; or lump sum contribution to cover either
unplanned or underestimated expenditure
Squatter
A person who without permission occupies the property of another and
claims title to it. A person in adverse possession.
Stakeholder
Any
estate agent or solicitor holding moneys as stakeholder for
payment to a property transaction pursuant to sale and purchase
agreements in respect of a transaction which the vendor and
purchaser is engaged in, carries on or undertakes or causes to be
undertaken.
Stamp Duty
The tax imposed on certain legal documents by government.
Subletting
Partial transfer of a tenant's right in a rental property to a third
party.
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