| 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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