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