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Frequently
Asked Questions
Glossary
of Real Estate Terms
Glossary for "S"
Sale-leaseback
A transaction
in which the buyer leases back the property to the seller for a
specified period of time.
Sales
contract
A contract signed by the buyer and seller that details the terms
of a home purchase.
Saltbox
style
A design that dates to colonial times and takes its name from the
shape of saltboxes.
Sanitary
sewer
The drain line in a house that carries away food and human wastewater
to a municipal sewer system or a septic system.
Sash
One of two windows in a double-hung window.
Schematic
designs
Renderings of floor plans and the exterior of a house.
Second
mortgage
Another loan placed upon a piece of property.
Secondary
mortgage market
A market of packaged home loans that are resold as securities to
investors. Major players are Fannie Mae and Freddie Mac.
Secured
loan
Any loan backed by collateral.
Security
A piece of property designated as collateral.
Seller
broker
A seller broker represents the interest of the seller.
Seller
carry-back
An agreement in which the seller provides financing for a home purchase.
Seller take-back
An agreement in which the seller provides financing for a home purchase.
Seller's
market
A hot real estate market in which sellers have the advantage and
multiple offers are common.
Semi-custom
home
The buyer of a semi-custom home is free to make some design changes
but not to the home's structural plan.
Septic
system
A self-contained sewage treatment system that distributes wastewater
to an underground storage area and relies on bacterial action to
decompose solid waste matter.
Servicer
A firm that collects mortgage payments and manages borrowers' escrow
accounts.
Setback
The minimum distance a house or buildings must be from the lot line.
Settlement
statement
A document that details who has paid what to whom.
Shared-appreciation
mortgage
A loan that allows a lender or other party to share in the borrower's
profits when the home is sold.
Shared-equity
transaction
A transaction in which two buyers purchase a property, one as a
resident co-owner and the other as an investor co-owner.
Shed
ceiling
A shed ceiling pitches upward at one end.
Shed roof
A shed roof pitches up longer on one side than the other.
Shingle
style
An alternative style of Victorian homes that evolved in the late
19th century to simplify the complexity of the traditional Victorian
house.
Shingles
Thin, wedge-shaped pieces of wood or flat rectangular pieces of
slate, mineral fiber, glass fiber or composition asphalt installed
on a roof to prevent water seepage.
Shoe
molding
An unobtrusive finish trim between the floor and the baseboard designed
to hide any irregularities in the seam between the floor and wall
or baseboard.
Sill
plate
A horizontal piece of wood placed on top of the foundation.
Sill cock
An exterior threaded faucet connection for garden hoses that provides
water outside a home.
Skylight
A window in a roof that allows natural light to illuminate a room.
Slab
foundation
A foundation built directly on soil with no basement or crawl space.
Slider window
A window that is composed of two windows, or sashes, that glide
open and closed on a metal track.
Soffit
An external area under the overhang of a roof.
Soils
test
A test of the subsoil to ensure that foundations can be safely constructed.
Spanish
Mission style
A design that is derived from the original missions established
by the Spanish in the Southwest.
Special
assessment
When a homeowners' association needs or wants extra funds, it levies
a special assessment upon the owners.
Special deposit account
Rehabilitation mortgages require a special deposit account from
which restoration and remodeling funds included in the loan are
disbursed to the appropriate contractors as work is completed.
Specifications
The written requirements for materials, equipment, construction
systems and standards.
Speculation
home
A home that has been built without a buyer.
Splash
block
A slanted block used to divert runoff water from a downspout away
from the foundation.
Split-level
style
A home that is a ranch-style house stacked to fit on a smaller lot
and perhaps to accommodate a garage.
Square
footage
The number of square feet of livable space in a home or building.
Standard
Metropolitan Statistical Area
Areas designated by the U.S. Office of Management and Budget that
contain a city of 50,000 or more.
Standard
payment calculation
A calculation that is used to determine the monthly payment necessary
to repay the balance of a home loan in equal installments.
Starter
home
Homes that fall within the lower price range of a typical first-time
buyer.
Steel
framing
A construction method used by commercial and residential builders.
Step-rate
mortgage
A loan that allows a gradual increase in the interest rate during
the first few years of the loan.
Storm
sewer
A drain line, which is not connected to the sewer line, removes
all other wastewater from a home.
Storm
windows
Sets of windows and screens that are installed on older double-hung
windows.
Strike
plate
The metal part of a lock that is anchored to the doorframe and holds
the door closed.
Straight purchase
A transaction in which the buyer gives a new-home builder a deposit
to begin building and the balance when the sale of the house closes.
Stucco
A mixture of sand and cement used to cover the exterior surface
or interior walls of a home or building.
Studs
The upright pieces of lumber or steel in a wall to which panels,
siding, drywall or other coverings are attached.
Subagent
When an agent brings a buyer to a property, they in effect act as
a subagent to the listing agent.
Subcontractor
Specialty construction companies hired by the general contractor
to perform certain tasks.
Subdivision
The process in which the owner of a large piece of property divides
it into smaller parcels.
Sub-flooring
The sheathing, usually made of plywood, placed on top of floor joists
and covered by flooring.
Subordinate
loan
A second or third mortgage.
Sump
pump
A pump that moves water from a basement sump pit.
Survey
A precise measurement of a piece of property by a licensed surveyor.
Sweat
equity
The non-cash value put into a piece of property by the owner, such
as do-it-yourself home improvements.
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