Real Estate Glossary
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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.
SellerÆs 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.
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.
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 roof - A shed roof pitches up longer on one side than the other.
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.
Sill plate - A horizontal piece of wood placed on top of the foundation.
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.
Soffit - An external area under the overhang of a roof.
Special assessment - When a homeowners' association or municipal government 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 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.
Step-rate mortgage - A loan that allows a gradual increase in the interest rate during the first few years of the loan.
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.
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.
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.
