Real Estate Terms

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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 sellerthat 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.
• 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.