News Front Page
Real Property Glossary -S-
RETURN TO GLOSSARY PLANET
Sale leaseback
A real estate transaction in which the buyer leases back the property to the
seller for a specific period of time.
A cost paid by the seller even though the cost is usually paid by the buyer.
Sales contract
A contract signed by the buyer and seller detailing the terms of a property
sale.
Sanitary sewer
The drain line in a house that carries away wastewater to a sewer or septic
system.
One of two windows in a double-hung window.
Schematic designs
Renderings of floor plans and the exterior of a house.
A wall-mounted light fixture.
Second mortgage
A second loan placed upon a piece of property.
A financial market of packaged home loans that are resold as securities to investors.
Secured loan
A loan backed by collateral.
A piece of property designated as collateral.
Seller carry-back
An agreement where the seller provides financing for a home purchase.
The seller allows the borrower to use a portion of the equity in the property to finance the purchase.
Seller take-back
An agreement where the seller provides financing for a home purchase.
Seller's market
A real estate market in which sellers have the advantage and multiple offers are
common.
A real estate broker or salesperson who writes the purchase offer for a buyer in a real estate transaction but may not actually represent the buyer.
Semi-custom home
The buyer of a semi-custom home is free to make changes to some design aspects
of the home but not to the home's structural plan.
A self contained sewage treatment system that holds wastewater in an underground storage area and relies on bacterial action to decompose solid waste matter.
Service conductor
The wires extending from the home's service equipment to the utility company's
line.
Servicer
A firm that collects mortgage payments and manages borrowers' escrow accounts.
The minimum distance a house or building must be from the lot line.
Settlement or closing fees
Fees paid to the escrow agent (often a title insurance company) for carrying out
the written instructions of the agreement between buyer and seller and/or
borrower and lender.
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing for the buyer and seller.
Severance
Changing an item from real property to personal property by detaching it from
the land.
Shake
A thick wood (often cedar) shingle used for roofs and siding.
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.
Sheets of material applied across floors, rafters or studs.
Shed ceiling
A ceiling that pitches upward at one end.
A roof that pitches up further 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.
A milled pattern of siding designed to shed water when applied horizontally.
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)
The small valve under a sink or behind a toilet that controls the water supply to the plumbing fixture.
Shutters
Covers mounted at either side of a window.
Tall, narrow windows that stand on one or both sides of a door to admit light and allow residents to see the person at the door.
Siding
A type of covering on a home's exterior walls.
The lowest horizontal member across a door or window opening. In the case of a door, the sill is often called a threshold.
Sill cock
An exterior threaded faucet connection for garden hoses that provides water
outside a home.
A horizontal piece of wood placed on top of the foundation.
Sill sealer
A material that seals gaps between the foundation and sill plate.
A type of loan assumption where the original borrower remains secondarily liable should the assumptor default.
Single agent
Any agent who represents either the buyer or the seller in a transaction.
A conventional light switch that controls one or more lights from a single location.
Sink trap
The P- or S-shaped section of drainpipe directly beneath a sink. Its shape is
intended to hold a small amount of water so that it blocks sewer gasses from
rising into the house.
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.
A window that is composed of two windows (or sashes) that glide open and closed on a metal track.
Snubber
A spring-like device fastened between the top of a door and the door jamb to
pull the door shut.
An external area under the overhang of a roof.
Soils test
A test of the subsoil to ensure that foundations can be safely constructed.
The bottom horizontal component of a frame wall on which the studs sit.
Solid-core door
A door with a solid interior.
A special board used beneath the wallboard to reduce the transmission of sound through the wall.
Special assessment
A charge levied upon owners in a homeowners' association for the purpose of
public improvements.
The written requirements for materials, equipment and construction systems and standards.
Speculation home (also known as a spec
home)
A home that has been built without a buyer.
A slanted block used to divert runoff water from a downspout away from the foundation.
Spline
A thin piece of wood, metal or vinyl that secures a joint.
A home style similar to ranch style but 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.
A designation given by the U.S. Office of Management and Budget to cities of 50,000 or more residents.
Standard payment calculation
A calculation that is used to determine the monthly payments necessary to repay
the balance of a home loan in equal installments.
A first home that is generally of a lower-than-average price.
Steel framing
A construction method used by commercial and residential builders.
A loan that allows a gradual increase in the interest rate during the first few years of the loan.
Stigmatized property
Property that has an undesirable reputation because of an event that occurred on
or near the site.
The vertical members that make up a door's construction.
Stool
Part of the interior window frame that, like a shelf, extends horizontally
across the lower part of the opening.
A thin strip of wood fastened to the face of a doorjamb, intended to stop the door when you close it (sometimes called a doorstop).
Storm sewer
A drain line not connected to the sewer line that removes all other wastewater
from a home.
A window installed on top of an ordinary window for additional protection in extreme weather conditions.
Straight purchase
A transaction in which a buyer gives the builder a deposit to begin building,
and the balance when the sale of the house closes.
Flat metal plate fastened to a doorjamb that receives a lockset's latch or bolt to keep a door closed.
Stucco
A mixture of sand and cement used to cover the exterior surface or interior
walls of a home or building.
The upright pieces of lumber or steel in a wall, to which panels, siding, drywall, or other coverings are attached.
Subagent
An agent who assists another agent in representing a principal, or party, in a
transaction. A seller's subagent who writes the buyer's offer owes loyalty to
the seller, though many states presume any agent working with a buyer is the
buyer's agent.
Specialty construction companies hired by the general contractor to perform certain tasks.
Subdivision
The division of a large piece of property into smaller parcels. Also, the
divided property itself.
The plywood or boards beneath finish flooring that, nailed directly to floor joists, provides a structural base for finish materials.
Subject-to
The transfer of rights to pay a debt from one party to another, with the
original party remaining liable for the debt if the second party defaults.
Subordinate loan
A second or third mortgage.
Subsequent rate adjustments
The interest rate for adjustable rate loans (ARMs) adjusts at regular
intervals. This adjustment period could in some cases differ from the initial
interest rate duration period.
A specific limit defined by most adjustable rate loans (ARMs) for the maximum amount the interest rate may increase at each regularly scheduled interest rate adjstment date. This limit may differ from the initial rate cap.
Sump pump
A pump that moves water from a basement sump pit.
Super jumbo mortgage
A mortgage that is over $650,000 or $1,000,000, depending on the lender.
The material surrounding a bathtub or shower.
Survey
A precise measurement of a piece of property by a licensed surveyor.
A wide, shallow depression in the ground designed to channel drainage of rainwater.
Sweat equity
The non-cash value added to a piece of property by the owner, such as
do-it-yourself home improvements.
