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Glossary of 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 cock |
| An exterior threaded faucet connection for garden hoses that provides water outside a home. |
| 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. |
| Slider window |
| Windows that are composed of two windows, or sashes, that glides 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 Budgetthat 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. constant. |
| Storm sewer |
| A drain line, which is not connected to the sewerline, removes all other wastewater from a home. |
| Storm windows |
| Sets of windows and screens that are installed on older double-hung windows. |
| 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. |
| 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. |
| Subagent |
| When an agent brings a buyer to a property, they are in effect acting 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. |
