Glossary

Glossary

S

S
Short Sale
SA
Stacked Assets
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.
Securities
A financial form that shows the holder owns a share or shares of a company (stock) or has loaned money to a company or government organization (bond).
Semidetached Housing
Two residences which share a common wall.
Servicer
A financial institution which collects mortgage payments from borrowers and applies the appropriate portions to principal, interest and any escrow accounts.
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.
Sheetrock
Also called drywall, the gypsum board commonly used on interior walls.
SI
Stated Income
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.
SISA
Stated Income Stated Assets
Slum Lord
Anyone who owns a house near yours and you don't like who they rented it to.
Soffit
The underside of a cornice at the eaves.
Special Assessments
A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, or other public projects that benefit particular property owners. In the context of condominium and private community association, special assessments are charges to property owners, over and above their customary periodic payments, to fund special projects.
Special Warranty Deed
A deed in which the grantor warrants or guarantees the title only against defects arising during grantor's ownership of the property and not against title defects existing before the time of the grantor's ownership.
Sq Ft
Square Feet
SR
Senior High School
ST
Street
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.
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.