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 Apiece 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.
Short
Sale When a home / Real Estate is
sold for less than what is owed. Mortgagee
may forgive all or part of the balance due.
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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