Glossary |
Terms that are on use on this site.
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| There are 60 entries in the glossary. |
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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. |
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| Sales contract | A contract signed by the buyer and seller that details the terms of a home purchase. |
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| Saltbox style | A design that dates to colonial times and takes its name from the shape of saltboxes. |
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| Sanitary sewer | The drain line in a house that carries away food and human wastewater to a municipal sewer system or a septic system. |
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| Sash | One of two windows in a double-hung window. |
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| Schematic designs | Renderings of floor plans and the exterior of a house. |
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| Second mortgage | Another loan placed upon a piece of property. |
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| Secondary mortgage market | A market of packaged home loans that are resold as securities to investors. Major players are Fannie Mae and Freddie Mac. |
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| Secured loan | Any loan backed by collateral. |
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| Security | Apiece of property designated as collateral. |
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| Seller broker | A seller broker represents the interest of the seller. |
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| Seller carry-back | An agreement in which the seller provides financing for a home purchase. |
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| Seller take-back | An agreement in which the seller provides financing for a home purchase. |
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| Sellers market | A hot real estate market in which sellers have the advantage and multiple offers are common. |
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| Semi-custom home | The buyer of a semi-custom home is free to make some design changes but not to the homes structural plan. |
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| 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. |
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| Servicer | A firm that collects mortgage payments and manages borrowers escrow accounts. |
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| Setback | The minimum distance a house or buildings must be from the lot line. |
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| Settlement statement | A document that details who has paid what to whom. |
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| Shared-appreciation mortgage | A loan that allows a lender or other party to share in the borrowers profits when the home is sold. |
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| 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. |
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| Shed ceiling | A shed ceiling pitches upward at one end. |
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| Shed roof | A shed roof pitches up longer on one side than the other. |
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| Shingle style | An alternative style of Victorian homes that evolved in the late 19th century to simplify the complexity of the traditional Victorian house. |
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| 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. |
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| 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. |
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| Sill cock | An exterior threaded faucet connection for garden hoses that provides water outside a home. |
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| Sill plate | A horizontal piece of wood placed on top of the foundation. |
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| Skylight | A window in a roof that allows natural light to illuminate a room. |
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| Slab foundation | A foundation built directly on soil with no basement or crawl space. |
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| Slider window | A window that is composed of two windows, or sashes, that glide open and closed on a metal track. |
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| Soffit | An external area under the overhang of a roof. |
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| Soils test | A test of the subsoil to ensure that foundations can be safely constructed. |
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| Spanish Mission style | A design that is derived from the original missions established by the Spanish in the Southwest. |
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| Special assessment | When a homeowners association needs or wants extra funds, it levies a special assessment upon the owners. |
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| 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. |
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| Specifications | The written requirements for materials, equipment, construction systems and standards. |
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| Speculation home | A home that has been built without a buyer. |
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| Splash block | A slanted block used to divert runoff water from a downspout away from the foundation. |
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| Split-level style | A home that is a ranch-style house stacked to fit on a smaller lot and perhaps to accommodate a garage. |
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| Square footage | The number of square feet of livable space in a home or building. |
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| Standard Metropolitan Statistical Area | Areas designated by the U.S. Office of Management and Budget that contain a city of 50,000 or more. |
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| 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. |
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| Starter home | Homes that fall within the lower price range of a typical first-time buyer. |
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| Steel framing | A construction method used by commercial and residential builders. |
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| Step-rate mortgage | A loan that allows a gradual increase in the interest rate during the first few years of the loan. |
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| Storm sewer | A drain line, which is not connected to the sewer line, removes all other wastewater from a home. |
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| Storm windows | Sets of windows and screens that are installed on older double-hung windows. |
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| 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. |
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| Strike plate | The metal part of a lock that is anchored to the doorframe and holds the door closed. |
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| Stucco | A mixture of sand and cement used to cover the exterior surface or interior walls of a home or building. |
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| Studs | The upright pieces of lumber or steel in a wall to which panels, siding, drywall or other coverings are attached. |
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| Sub-flooring | The sheathing, usually made of plywood, placed on top of floor joists and covered by flooring. |
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| Subagent | When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent. |
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| Subcontractor | Specialty construction companies hired by the general contractor to perform certain tasks. |
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| Subdivision | The process in which the owner of a large piece of property divides it into smaller parcels. |
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| Subordinate loan | A second or third mortgage. |
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| Sump pump | A pump that moves water from a basement sump pit. |
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| Survey | A precise measurement of a piece of property by a licensed surveyor. |
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| Sweat equity | The non-cash value put into a piece of property by the owner, such as do-it-yourself home improvements. |
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