Sale-leaseback |
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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 |
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A contract signed by the buyer and sellerthat details the terms of a home purchase. |
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Saltbox style |
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A design that dates to colonial times and takes its name from the shape of saltboxes. |
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Sanitary sewer |
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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 |
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One of two windows in a double-hung window. |
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Schematic designs |
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Renderings of floor plans and the exterior of a house. |
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Second mortgage |
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Another loan placed upon a piece of property. |
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Secondary mortgage market |
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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 |
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Any loan backed by collateral. |
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Security |
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Apiece of property designated as collateral. |
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Seller broker |
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A seller broker represents the interest of the seller. |
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Seller carry-back |
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An agreement in which the seller provides financing for a home purchase. |
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Seller take-back |
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An agreement in which the seller provides financing for a home purchase. |
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Seller's market |
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A hot real estate market in which sellers have the advantage and multiple offers are common. |
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Semi-custom home |
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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 |
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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 |
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A firm that collects mortgage payments and manages borrowers' escrow accounts. |
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Setback |
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The minimum distance a house or buildings must be from the lot line. |
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Settlement statement |
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A document that details who has paid what to whom. |
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Shared-appreciation mortgage |
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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 |
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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 |
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A shed ceiling pitches upward at one end. |
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Shed roof |
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A shed roof pitches up longer on one side than the other. |
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Shingle style |
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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 |
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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 |
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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 |
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An exterior threaded faucet connection for garden hoses that provides water outside a home. |
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Sill plate |
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A horizontal piece of wood placed on top of the foundation. |
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Skylight |
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A window in a roof that allows natural light to illuminate a room. |
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Slab foundation |
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A foundation built directly on soil with no basement or crawl space. |
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Slider window |
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A window that is composed of two windows, or sashes, that glide open and closed on a metal track. |
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Soffit |
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An external area under the overhang of a roof. |
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Soils test |
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A test of the subsoil to ensure that foundations can be safely constructed. |
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Spanish Mission style |
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A design that is derived from the original missions established by the Spanish in the Southwest. |
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Special assessment |
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When a homeowners' association needs or wants extra funds, it levies a special assessment upon the owners. |
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Special deposit account |
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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 |
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The written requirements for materials, equipment, construction systems and standards. |
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Speculation home |
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A home that has been built without a buyer. |
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Splash block |
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A slanted block used to divert runoff water from a downspout away from the foundation. |
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Split-level style |
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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 |
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The number of square feet of livable space in a home or building. |
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Standard Metropolitan Statistical Area |
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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 |
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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 |
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Homes that fall within the lower price range of a typical first-time buyer. |
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Steel framing |
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A construction method used by commercial and residential builders. |
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Step-rate mortgage |
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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 |
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A drain line, which is not connected to the sewer line, removes all other wastewater from a home. |
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Storm windows |
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Sets of windows and screens that are installed on older double-hung windows. |
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Straight purchase |
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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 |
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The metal part of a lock that is anchored to the doorframe and holds the door closed. |
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Stucco |
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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 |
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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 |
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The sheathing, usually made of plywood, placed on top of floor joists and covered by flooring. |
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Subagent |
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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 |
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Specialty construction companies hired by the general contractor to perform certain tasks. |
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Subdivision |
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The process in which the owner of a large piece of property divides it into smaller parcels. |
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Subordinate loan |
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A second or third mortgage. |
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Sump pump |
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A pump that moves water from a basement sump pit. |
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Survey |
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A precise measurement of a piece of property by a licensed surveyor. |
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Sweat equity |
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The non-cash value put into a piece of property by the owner, such as do-it-yourself home improvements. |
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