Real
Estate Glossary > S
A
| B
| C
| D
| E
| F
| G
| H
| I
| J
| K
| L
| M
| N
| O
| P
| Q
| R
| S | T
| U
| V
| W
| X
| Y
| Z
Y ou are
here : Home
> Real Estate
Glossary > S
Frequently used terms
Seller Financing
Settlement
or Closing Fees
Spec Home
Subcontractor
Subordinate
Loan
Subsequent Rate Adjustments
Subsequent Rate Cap
Super
Jumbo Mortgage
Sale leaseback
A real estate transaction in which the buyer leases back the
property to the seller for a specific period of time.
Sales concession
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.
Sash
One of two windows in a double-hung window.
Schematic designs
Renderings of floor plans and the exterior of a house.
Sconce
A wall-mounted light fixture.
Second mortgage
A second loan placed upon a piece of property.
Secondary mortgage market
A financial market of packaged home loans that are resold as
securities to investors.
Secured loan
A loan backed by collateral.
Security
A piece of property designated as collateral.
Seller carry-back
An agreement where the seller provides financing for a home
purchase.
Seller financing
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.
Selling agent
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.
Septic system
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.
Setback
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.
Settlement statement
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.
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.
Sheathing
Sheets of material applied across floors, rafters or studs.
Shed ceiling
A ceiling that pitches upward at one end.
Shed roof
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.
Shiplap
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)
Shutoff valve
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.
Sidelights
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.
Sill
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.
Sill plate
A horizontal piece of wood placed on top of the foundation.
Sill sealer
A material that seals gaps between the foundation and sill
plate.
Simple assumption
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.
Single-pole switch
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.
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.
Snubber
A spring-like device fastened between the top of a door and
the door jamb to pull the door shut.
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.
Sole plate
The bottom horizontal component of a frame wall on which the
studs sit.
Solid-core door
A door with a solid interior.
Soundboard
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.
Specifications
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.
Splash block
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.
Split-level style
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.
Standard metropolitan statistical area (SMSA)
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.
Starter home
A first home that is generally of a lower-than-average price.
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.
Stigmatized property
Property that has an undesirable reputation because of an
event that occurred on or near the site.
Stiles
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.
Stop
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.
Storm window
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.
Strike plate
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.
Studs
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.
Subcontractor
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.
Subflooring
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.
Subsequent rate cap
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 adjustment 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.
Surround
The material surrounding a bathtub or shower.
Survey
A precise measurement of a piece of property by a licensed
surveyor.
Swale
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.
^ Go to top
|
