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.
