Look for words, Phrases & Definitions in Alphabetical Order:
S
Sale Price - The actual price a property sells for, exclusive of any special financing concessions.
Sales Comparison Approach - An appraisal practice which estimates the value of a property by comparing it to comparable properties which have sold recently.
Scarcity - An economic principal that dictates the price of a good or service through the interaction of supply and demand. When an item is scarce, its price tends to rise, given a constant demand. Real Estate is a classic example of scarcity.
Second Mortgage - A loan secured by the equity in a home, when a primary mortgage already exists.
Secondary Mortgage Market - An economic marketplace where mortgage bankers buy and sell existing mortgages.
Secured Loan - A loan that is backed by collateral. In the case of a mortgage loan, the collateral is the house.
Secured Loan - A loan that is backed by collateral. In the case of a mortgage loan, the collateral is the house.
Security - The property used as collateral for a loan.
Semidetached Housing - Two residences which share a common wall.
Servicing - The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to.
Sheathing - The covering on outside walls beneath the siding or exterior finish such as stucco.
Sheathing - The covering on outside walls beneath the siding or exterior finish such as stucco.
Sheetrock - Also called drywall, the gypsum board commonly used on interior walls.
Sill Cock - Garden hose pipe connection.
Sill Plate - The lumber used around the foundation to support exterior wall framing.
Single-Family Property - A property designed and built to support the habitation of one family.
Soffit - The underside of a cornice at the eaves.
Stucco - A textured plaster exterior (and occasionally interior) wall finish.
Stud - A vertical framing piece in a wall, generally 2x4 lumber in interior walls.
Subdivision - A residential development that is created from a piece of land which has been subdivided into individual lots.
Subdivision - A residential development that is created from a piece of land which has been subdivided into individual lots.
Subject Property - A term which indicates a property which is being appraised.
SUMP - A basin into which water drains and from which the water is pumped out.
Survey - A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements.
Sweat Equity - The method whereby a home owner develops equity in a property, either during the purchase or throughout its life, by personally constructing improvements rather than paying to have them built