Real Estate Glossary - Letter 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 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.