· 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.
· 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
