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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 sellerthat 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 | apply
for a mortgage |
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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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Seller's 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 home's 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
borrower's 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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Space pocket
Part(s) of a leased premises set aside to accommodate tenant's
future growth. |
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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 | website |
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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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Star system
Usually used in franchised hotels/motels. Designates the services
provided by the property. I.e. one star, limited service,
5 stars, full service hotel/motel. |
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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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Straight sale
A sale in which the owner conveys title to land and existing
improvements, subject to the provisions of the sale contract. |
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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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Sublease
Lease under which the lessor is the lessee of a prior lease
of the same property. A lease in which the tenant leases all
or part of the premises to another tenant. The 'sublandlord'
(original tenant) does not relieve himself of the obligation
to fulfill the terms of the original lease. |
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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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