Sale-leaseback

A sale-leaseback is a transaction in which the buyer of a parcel of real property, subsequent to purchase, leases back the property to the seller for a specified period of time.  This commonly occurs when the closing has occurred but the seller is not yet ready to vacate the premises, or the buyer is not yet prepared to move into the home that has been transacted.  In this situation, the buyer legally owns the property, and for the period of time during which the seller remains occupying the property by agreement with the buyer, the seller pays periodic payments to the seller, as a tenant of the property.

Sales contract

A sales contract is a written contract signed by the buyer and seller of a parcel of real property that details the terms of the purchase of the real estate.  Also called a contract of sale or a deed of sale, a sales contract is required to specify in detail the property that is being transferred in the transaction from the seller to the buyer, the final agreed-upon purchase price for the property, the time frame for occupancy by the buyer following closing, and any other unique details related to the transfer of the particular property.  Once signed by the parties, the sales contract is legally binding upon both.

Saltbox style

Saltbox style refers to a design style that dates to colonial times, when it was found primarily in New England, and which takes its name from the shape of saltboxes.  Saltbox-style houses are characterized by a wooden frame and a long, sloping roof that angles down to the back.  Most saltbox homes are a single story in the back, where the sloping roof comes down from the peak of the roof to the ground, and two stories in the front.  Saltbox style details include flat front facades, centrally-placed chimneys, and asymmetrical sides. 

Sanitary sewer

A sanitary sewer is the drain line in a house that carries food and human wastewater from a house to a municipal sewer system or a septic system some distance from the home.  Some cities install separate sanitary sewers that are specifically used for the transport of domestic and industrial wastewater.  The water they transport is kept separate from natural water, such as rain and other melted precipitation; the natural runoff is carried separately in storm drains and often allowed to wash freely into city streets.  The biggest problem associated with sanitary sewers is the potential for the sewers to backup, either because of clogs resulting from excessive material being transported or because of heavy rains; backups can cause flooding and serious damage to a home.

Sash

A sash is the framing which holds together panes of glass that are set into a window or a door, including the narrow bars between the panes.  Sash windows are windows that comprise sashes into a single window; a sash is one of the two window panes present in a double-hung window.  Sash window frames are usually put together so that the panes are situated inside the window frame, where they are held by beads or by a special rope called a sash cord.  Sashes remain especially popular in traditional-style homes, and are common in New England and abroad in the United Kindom.

Schematic designs

Schematic designs are renderings of floor plans of a house and of the exterior of a house.  Often referred to in the design and construction industries as "schematics," schematic designs were once hand-drawn.  Today, they are most commonly produced electronically, using a variety of computer programs that allow precise scaled measurements to be included, as well as details, color, and sometimes even three-dimensional views.  Schematic designs are useful for home buyers to envision what the final product of their investment will look like.  The designs may also be used as a marketing tool to draw potential buyers to a particular home or a specific builder by showing a clear picture of what the property or builder can offer.

Second mortgage

A second mortgage is a second loan placed upon a parcel of real property, subsequent and in addition to the first, or primary, loan.  Second mortgages vary widely in their specifics, depending on the borrower´s situation, the property to which the loan will be applied, and the lending institution issuing the second mortgage, among other factors.  The length of a second mortgage, for example, may be for as long as 15 or 20 years, or may be required to be repaid within as little as one year.  The interest rate on a second mortgage is likely to be higher than on a primary mortgage, since in most instances the lender that holds the primary mortgage to a property will have priority over a second mortgage lender in the event of a borrower´s bankruptcy.

Secondary mortgage market

The secondary mortgage market is a market of packaged home loans that are resold as securities to investors.  Companies such as Fannie Mae, which is a private, shareholder-owned entity, and Freddie Mac, which is chartered by the United States Congress, buy outstanding mortgages from lending institutions; the lending institutions then use the newly acquired money to issue additional loans, making it possible for additional buyers to borrow for the purchase of a property.  Fannie Mae and Freddie Mac sell interest in the purchased mortgages on the secondary mortgage market to investors, who hope to make a profit on their share of ownership of the pooled mortgages.

Secured loan

A secured loan is any loan that is backed by collateral, or property given as a security for the repayment of the loan.  In other words, if the borrower of a secured loan is in default on the loan, the creditor can demand the collateral and can sell it to recover cash which is used to offset the amount due on the loan; if any of the proceeds from a sale of collateral remain after the loan has been satisfied, the balance may be returned to the borrower.  IN the event of a bankruptcy filing by a borrower, creditors who have issued secured loans have priority to recover some part of the borrower´s remaining assets over lenders of unsecured loans.

Security

A security is a piece of property that is designated as collateral.  The term "security" signifies that the property is meant to offer security to the lender of money that the borrower will repay the loan; if the borrower does not repay the loan according to the terms agreed upon between the borrower and the lender, the lender is entitled to recover the security property and to sell it, using the proceeds from a sale to pay off the amount due to the lender by the borrower in default.  Any remaining proceeds are usually distributed to the borrower. 

Seller broker

A seller broker is a real estate broker who represents exclusively the interests of the seller in a real estate transaction.  A seller broker focuses on finding potential buyers for a seller´s property and on securing the best possible result of a real estate transaction for the seller, which means that the ultimate purchase agreement is at least as favorable to the seller as it is to the buyer.  A seller broker usually signs a written agreement regarding his or her representation of a seller that describes his or her role and responsibilities and binds him or her to act in the seller´s best interest.

Seller carry-back

A seller carry-back is an agreement in which the seller provides financing for a home purchase by a buyer of the seller´s real property.  A seller carry-back occurs when the seller of the property in a real estate transaction carries a second trust deed and a note against the property.  This often is the case when the buyer in the transaction does not have enough money for a down payment.  In such cases, the seller usually will sell the property with an interest rate that is at or below the market rate, and no closing costs will be required.

Seller take-back

A seller take-back is an agreement in which the seller provides financing for a home purchase.  In a seller take-back situation, the seller acts like a lender in issuing a loan to the buyer to purchase the seller´s real property; this is often done in combination with an assumable mortgage, in which the buyer takes over the seller´s existing mortgage on the property in question.  With a seller take-back financing scheme, the buyer/borrower is obligated to repay the loan according to the terms and conditions outlined there in.  As with any loan, non-payment can result in foreclosure by the seller of the property.

Seller's market

A seller´s market is a booming, or "hot," real estate market with respect to sellers of real property.  In a seller´s market, sellers of real estate have the advantage over buyers, and multiple offers on a single property are common, which may result in a bidding war, in which buyers offer repeatedly greater amounts for a property in order to ensure that they end up securing the purchase of the property.  A seller´s market has the potential to make the seller a profit on his or her home that is in excess of his or her expectations and even beyond the original asking price.

Semi-custom home

A semi-custom home is a house to which the buyer is free to make some design changes; however, the buyer is typically not permitted to request alterations to the home's structural plan.  For example, certain features such as flooring, paint, and other purely aesthetic details can be dictated by the buyer of the home, making the house unique to his or her own tastes.  However, in general, semi-custom home builders do not allow home buyers to make changes to the planned construction that involve alterations such as moving walls, adding cathedral or sloped ceilings, and similar structural variations.

Septic system

A septic system is a self-contained sewage treatment system that distributes wastewater to an underground storage area.  Septic systems take advantage of bacterial action present in soil to decompose solid waste matter.  Natural bacterial decomposition of human waste occurs in what is called a holding tank.  Once decomposed, the waste becomes primarily water, which is discharged freely into the environment, and some things that are not readily consumed by the holding tank bacteria, such as gases and undigested solids, which are diverted to designated waste depositories.  On average, septic systems last about 30 years, although this can vary depending on how much use they encounter.

Servicer

The term servicer refers to a firm that collects mortgage payments from a borrower and manages a borrower´s escrow account.  Servicing rights, or the right to act as a servicer, are a commodity that can be bought and sold; therefore, while it is possible for a mortgage company or other lending institution to act as servicer of a loan issued by it to a borrower, it is increasingly more common for a third-party servicer to be hired by the lender in order to handle collections and escrow account management.   Servicers deal directly with borrowers; borrowers who have concerns, complaints, or questions regarding their payments or their account should approach their servicer for assistance.

Setback

Setback refers to the minimum distance that a house or other building must be located on a parcel of real property from the lot line.  Setbacks are usually set out in municipal ordinances or in zoning laws; however, additional setback requirements may be imposed in a master-planned community by the community developer or by a homeowners´ association.  Setbacks are mandated for reasons that include safety as well as aesthetic appearance of a streetscape.  In addition, required setbacks allow for potential future projects that include widening of streets or construction of sidewalks to the area adjacent to a property subject to a setback.

Settlement statement

A settlement statement is a legal document that details who has paid what amount of money and to whom he or she has made the payment.  The written settlement statement in a real estate transaction will establish the mutually agreed-upon, by the buyer and the seller to the transaction, purchase price of a parcel of real property, and will establish which party is the buyer and which is the seller.  The settlement statement serves as evidence that the real estate transaction has been successfully completed, and that the buyer has fulfilled his or her obligation to pay the purchase price for the property.

Shared-appreciation mortgage

A shared-appreciation mortgage is a loan that allows a lender or another party to share in the profits of the borrower of the loan that are realized when the home is sold.  Shared-appreciation loans are special loans specifically made for residential purchases.  The shared-appreciation mortgage will carry a fixed interest rate for the lifetime of the loan, and that rate will be below the market interest rate.  The lender is then entitled to a specified share of any appreciation associated with the value of the property purchased with the loan.  Shared-appreciation mortgages are popular options for home buyer who have limited funds in the early years of home ownership but who expect to realize a profit with respect to their property in later years.

Shared-equity transaction

A shared-equity transaction is a transaction in which two individual buyers purchase a single property, one as a resident co-owner and the other as an investor co-owner.  The agreement is usually that the co-ownership exists for between three and five years, although extensions are possible if necessary in a specific transaction situation.  The time frame allows the value of the property to appreciate to a point at which the resident co-owner can refinance his or her mortgage and buy out the share of the investor co-owner, so that the entire ownership of the property is legally of the resident co-owner.  The investor co-owner usually puts down most of the down payment on a property, and the appreciation is split 50-50, with half to the resident and half to the investor.

Shed ceiling

A shed ceiling is a type of ceiling that pitches upward at one end.  Shed ceilings are similar in shape to cathedral ceiling, in that the line of the ceiling slopes up at one end; however, in general, the slope of a shed ceiling is not as steep as that of a cathedral ceiling.  A shed ceiling is usually built, unlike a cathedral ceiling, to allow space between the ceiling and the roof for an attic; this additional space above the ceiling allows for increased insulation and ventilation.  If a shed ceiling has a particularly steep incline, however, closer to that found with a cathedral ceiling, issues may arise regarding insulation and/or ventilation.

Shed roof

A shed roof is a roof that pitches up longer on one side than on the other.  Shed roofs are commonly associated with shed ceilings on the interior of a structure.  A shed roof presents a design style that is frequently associated with sheds or barns, and may be used on a residence with a view to making it look like a rustic or country home.  The steep slope of a shed roof allows rain water, other precipitation, and any debris to easily slide off of the roof, limiting the potential for roof leaks or other problems associated with standing water and excessive debris weight.

Shingle style

Shingle style architecture is an alternative design of Victorian style that evolved in the late 19th century.  Shingle style came about as a response to the more ornate versions of Victorian style, and was an effort to simplify the complexity of the traditional Victorian house.  Common characteristics of shingle style homes include two or three stories, rather than single-story construction; dark or rough-hewn masonry; asymmetrical design; multicolored shingles extending over the roof line of a home; rounded contours; arch and column accents; gables; small windows of casement or sash construct; and wide porches.

Shingles

Shingles are thin and wedge-shaped or flat and rectangular-shaped roofing that are installed on a roof of a structure in order to prevent water seepage.  Shingles are laid from the bottom to the top of a roof, and each row is laid so that the individual shingles overlap the previously-laid row by about half of the length of a shingle.  Sometimes, double layers of shingles are installed in order to ensure the best possible waterproofing result.  Shingles may be made of a variety of materials, including wood, slate, asbestos cement, or ceramic.  Wood shingles are less common in modern times because they tend to present a fire hazard.

Shoe molding

A shoe molding is an unobtrusive finish trim in the interior of a home that is installed between the floor and the baseboard of a room.  A shoe molding is designed to hide any irregularities in the seam between the floor and wall or baseboard.  In addition, a shoe molding is useful to protect against damage caused by furniture, cleaning implements, and regular foot traffic in the area.  Shoe molding may be simple in design, or in some cases is more ornate, used as a decorative feature to enhance the aesthetic appearance of a room.

Sill cock

An exterior threaded faucet connection for garden hoses that provides water outside a home, for gardening, irrigation, and similar purposes.  A sill cock consists of a faucet attached to the exterior wall of a home that has a nozzle, also called a bib, bent downward at a ninety degree angle towards the ground.  Sill cocks are also known in some areas as frost-frees, because they are designed to withstand all but the most severe of conditions; a  sill cock is also sometimes called a bibcock.  Various valve types are available for sill cocks, but the most common have a removable control knob that allows the user to open and close the valve.

Sill plate

A sill plate is a horizontal piece of wood placed on top of the foundation of a home.  Because a sill plate will bear all of the weight of the structure that sits atop it and transfer that load to the foundation below, a sill plate must be sturdy and in good structural condition.  Sill plates should be replaced if any cracks or splits are discovered.  A sill plate is connected to a foundation by using anchor bolts, which may be mechanical or adhesive, or side plates, which are commonly used when space is limited and there is not enough room for a drill motor to stand atop a sill plate to anchor it to the foundation.

Skylight

A skylight is a window in a roof that allows natural light from the outside to illuminate a room.  A skylight is typically made of glass or strong, resistant, transparent plastic.  Many styles and shapes of skylights are available to make a residence unique.  The main problem with skylights is their tendency to leak; various flashing systems are available to produce a water-tight seal in a skylight.  If a leak does occur, the outside flashing may be impaired.  To resolve minor leaks, the solution may be as simple as replacing flashing or patching a skylight seal.  For more serious damage, a skylight seal may need to be replaced entirely.

Slab foundation

A slab foundation is a home´s foundation that is built directly on soil, with no basement or crawl space between the foundation first level of the home and the ground.  A slab foundation is usually made of concrete.  Slab foundation homes are common in areas where basements and crawl spaces are difficult or impossible to include in home construction because of prohibitive elements of the areas soil, such as heavy rock composition.  Slab foundations are well-suited to warmer climates, where ground freezing and thawing are not a major concern, and where it is less necessary to include a below-ground heating duct.

Slider window

A slider window is a window that is actually composed of two individual window units, known as sashes, that glide open and closed on a metal track.  The sash unites in a slider window are positioned side by side, with one sash mobile so that it can slide open and closed and the other stationary.  The moveable sash slides horizontally.  In some cases, a slider window may be composed of three sashes instead of two, in which case usually the center sash is immobile and the two outside sashes slide on the metal track, for opening capabilities on either end.

Soffit

A soffit is any external area located under the overhang of a roof.  Soffits may include the underside of an arch or an architrave, which is a horizontal decorative beam that rests on columns or piers; the underside of a cornice projecting out away from the home; or the underside of a flight of chairs.  Sometimes, a soffit may be seen in a home´s interior, installed on the underside of a ceiling as a filler for the space between the ceiling and cabinetry.  Soffits may be constructed of various building materials, with some of the most popular materials used for decorative soffits being in concrete.

Soils test

A soils test is a test of the subsoil on a parcel of real property that is conducted in order to  ensure that a building foundation can be safely constructed on the property.  Soils tests check for problems such as swelling soil, which means that the soil has clay minerals that attract and absorb water; swelling soils are likely to swell when subjected to moisture, and thus can result in subsidence or raising of a home´s foundation.  A soils test will reveal such problems; the test is usually conducted on a variety of pieces of a property to ensure that any issues with the soil are discovered, even if the problem is not distributed throughout the whole property.

Spanish Mission style

Spanish Mission style refers to a design style that is based on the design of the original missions established by communities of the Spanish culture in the Southwest United States.  Common features of a Spanish Mission style home include arcaded entry porches, large square pillars, red tile roofs with parapets, round windows, stucco siding, and twisted columns.  Some homes built in the Spanish Mission style resemble old Spanish mission churches, and may include very elaborate architectural details, such as on archways, or may even feature bell towers or similar details.  Spanish Mission style is a good choice for homes where the climate is typically hot, with natural cooling offered by shaded porches and dark interiors.

Special assessment

A special assessment is an additional charge, usually imposed by an organization such as a community homeowners´ association, when extra funds are needed by the organization for a project that will have a common benefit to all community homeowners.  A special assessment is levied on homeowners in a community, and the funds collected may be used for maintenance or repair of community common areas or equipment; to account for an increase in charges associated with community upkeep, such as labor costs or the cost of materials; or to fund a new community project, such as a park or swimming pool.

Special deposit account

A special deposit account is an account required for homeowners who have rehabilitation mortgages.  A rehabilitation mortgage is a special loan issued for the purpose of repairing and/or improving a home or other building that is being prepared for resale.  The special deposit account associated with a rehabilitation mortgage is the account from which any funds necessary to satisfy charges associated with the repair, restoration, or remodeling work being done on the property are distributed to the contractors who do the respective work at the time when the work is completed.  In this way, workers on a building rehabilitation project are compensated by a mortgagor rather than by the homeowner.

Specifications

Specifications are the written requirements regarding any and all materials, equipment, construction systems, and standards that apply to a particular construction or remodeling project, to ensure all appropriate building methods are utilized.  Specifications are usually divided into exterior and interior categories.  Exterior specifications may include details regarding driveways, decks, doors, fences, gutters, exterior paint, roofing materials, sewers, sidewalks, and windows, among others.  Interior specifications may include detailed information regarding stairways, plumbing, fixtures, flooring, closets, drywall, electrical systems, framing, garage interiors, interior paint, and insulation, among others.  In the event that a home purchaser feels contractors did not build according to agreed-upon terms, specifications are helpful as evidence of what was required.

Speculation home

A speculation home, also called a "spec home," is a house that has been built by a builder  without a specific buyer.  Speculation homes are most often constructed by builders for one of two reasons.  First, a seller´s market may make it efficient and profitable to build a home without first retaining a particular buyer, with the likelihood that by the time the home is completed a willing buyer will be easily found.  Secondly, many builders build spec homes for marketing and sales purposes: to have a completed home available for potential buyers to see, which may make them more willing to commit to building their own home with the particular builder.

Splash block

A splash block is a slanted block that is used to divert runoff water or melted precipitation from a downspout away from the foundation of a home.  A splash block is usually placed directly on the ground, precisely under a downspout.  Instead of ending up on the ground, water transported through the downspout falls onto the splash block and is directed away from the house.  The purpose of diverting the water in this way is to avoid potential leaks and/or flooding of a home that can occur when excessive standing water is left near the home, and to protect against moisture-related problems, such as mold or mildew.

Split-level style

Split-level style refers to a style of home that is a ranch-style house, stacked to fit on a smaller lot and sometime to accommodate a garage.  In a split-level style home, the floor level of one part of the house is lined up with approximately the half-way point between the floor and ceiling of another part of the house.  Stairs are used to access the one-story section of the house to the two-story section.  Split-level style homes are particularly useful when the property on which they are built is uneven and difficult or expensive to level, because the separate parts of the house can be built at different elevations.

Square footage

The square footage of a house or other building is the number of square feet of livable space therein.  Square footage of a property is one of the most important considerations for potential buyers of real estate, giving them an idea of how much space a home offers and whether or not that space will accommodate their needs.  In addition, square footage is useful as a method of comparing different properties; typically, more square footage is associated with a higher listing price for a property.  Square footage of a particular house refers to the total living space in the house, but different houses with similar square footage are likely to have that square footage distributed in various ways, for example among more smaller rooms or fewer larger rooms.

Standard Metropolitan Statistical Area

A Standard Metropolitan Statistical Area is an area that is designated by the United States  Office of Management and Budget that contains a city with a population of fifty thousand (50,000) people or more.  Standard Metropolitan Statistical Areas are contiguous areas, based around the high-population city.  A county in which the core city of a Standard Metropolitan Statistical Area lies is known as the central county; surrounding counties may be included if they have strong social ties or economic ties to the central county or to the main city.  Social and economic ties to a location are usually measured by the government in terms of commuters and employment.

Standard payment calculation

A standard payment calculation is a method of calculation that is used to determine the amount of a monthly payment that is necessary to repay the balance of a home loan in equal installments, taking into account the existing interest rate applicable to the loan.  The standard payment calculation is accomplished by dividing the total amount due on the loan, including both the principal of the loan and the total interest that will be due upon the end of the term of the loan, by the number of installment payments, which are usually made on a monthly basis, over the course of the loan.

Starter home

A starter home is a home that falls within the lower price range of available properties that is associated with a typical first-time home buyer.  Starter homes are less expensive than other homes on the market.  The lower cost may be a result of the location of the property (for example, a less desirable neighborhood, or a further distance from amenities), the size of the property (smaller, with less square footage), the age of the property (an older home, with attendant age-related problems), or the condition of the property (generally poorer and with fewer upgrades than the condition of a more expensive home).

Steel framing

Steel framing is one type of construction method that is used by commercial and residential builders.  Steel framing is a popular option for construction because of the benefits of steel.  Steel is the strongest available industry material; it is non-combustible, which means it will not burn or spread a fire; it is inorganic, protecting against rot, warping, cracking, or splitting associated with other materials; it is dimensionally stable, and thus does not expand or contract depending on moisture conditions; and many builders like the fact that it is recyclable and environmentally-friendly.  Steel framing is regulated by the building code of the applicable jurisdiction, but the steel used must meet a national standard for quality.

Step-rate mortgage

A step-rate mortgage is a loan that allows for a gradual increase in the interest rate associated with the loan during the first few years of the loan.  The total interest paid on a step-rate mortgage is the same as on a traditional mortgage.  However, with a step-rate mortgage, lower interest rates are applied to installment payments against the principal of the loan at the beginning of the term of the loan, and they increase over time.  Step-rate mortgages are good choices for home buyers who have limited resources at the beginning of their home ownership, but who anticipate an income increase within a few years of closing on their home.

Storm sewer

A storm sewer is a drain line which is not connected to the sewer line of a home, but which removes all other wastewater from a home.  A storm sewer, also called a storm drain, consists of large, wide pipes which transfer storm water runoff to natural bodies of water.  In some jurisdictions, the water carried by a storm sewer may be treated; however, not all jurisdictions treat storm sewer discharge.  Storm water can be extremely dirty, and those jurisdictions that do treat the runoff in a storm sewer do so either at the end point where the water is discharged or, sometimes, by use of a modern filter system within the storm sewer.

Storm windows

Storm windows are sets of windows and screens that are installed on older double-hung windows.  Storm windows may be composed of simple plastic that limits the use of the storm window to a single season, or may be more durable, made of glass or another hearty material, for an extended period of use over many years.  Storm windows are most often framed in aluminum, vinyl, or wood; the frame is an important seal that adds to the protection offered by storm windows against unwanted air and moisture penetration into a house.  Storm windows may be installed on the exterior or the interior of an existing window.

Straight purchase

A straight purchase is a real estate transaction in which the buyer of the property gives a new-home builder a deposit to begin building the buyer´s home; the buyer pays the balance owed on the house when the sale of the house closes.  The total purchase price, and the division of that amount which will be due by the buyer to the builder of the home between the deposit amount and the amount due on completion, are agreed upon by and between the buyer and the builder prior to commencement of the building process.

Strike plate

A strike plate is the metal part of a lock that is anchored to the frame of a door, and which holds the door closed.  If a door is not latching or is having problems doing so, the cause may potentially be that the latch is not springing into the strike plate as it should be.  Over time and with frequent use of a door, a strike plate may begin to wear and deteriorate, and may need to be replaced.  Strike plates come in many types, sizes, and materials.  The most important consideration in replacing a strike plate is that the new plate should allow a snug fit for the lock and latch.

Stucco

Stucco is a mixture of sand and cement that is used to cover the exterior surface or interior walls of a home or building.  Often, stucco on a home´s exterior is applied in order to disguise the less aesthetically appealing construction materials underneath, such as concrete blocks or steel.  On interior walls and ceilings, stucco may be applied to disguise flaws or facades that have an undesirable appearance, or may be used purely as a decorative element.  Stucco is often found on homes built in the Spanish Mission style, and is especially popular in the southwest states of the nation. 

Studs

Studs are the upright pieces of lumber or steel in the wall of a home or other building to which panels, siding, drywall, or other coverings are attached.  The most commonly used studs in residential construction are 22 gauge; however, heavier gauge steel studs, such as 18 or 16 gauge, may also be used.   To hang a heavy item on the wall of a building, and for other home repair or maintenance tasks, it is often necessary to determine where a wall stud is located.  Electronic outlets are usually located at one side of a stud; in addition, studs may be found using a magnetic or electronic stud finder.

Sub-flooring

Sub-flooring refers to the sheathing that is placed on top of floor joists and covered by flooring, such as carpet, tile, wood, or synthetic flooring.  Sub-flooring is usually made of plywood, which is placed directly on top of the floor joists.  In residential construction, plywood sub-flooring is most often 3/4-inch thick, and is nailed or screwed down before flooring is laid.  One alternatives to plywood sub-flooring is hardboard sub-flooring, which is usually laid down.  Damage to sub-flooring, such as moisture, can affect the floor of a home, and in such instances of damage sub-flooring must be repaired or replaced.

Subagent

A subagent is a person who acts on behalf of a listing agent of a parcel of real property.  When a real estate agent who brings a potential buyer to a property, he or she acts, in effect, as a subagent to the listing agent.  The laws of sub-agency differ in some respects among jurisdictions, but in general, the extent of a subagent´s power in any situation is limited to that possessed by the primary agent; the subagent owes a duty to the primary agent to act according to the applicable rules of agency.

Subcontractor

A subcontractor is a specialty construction contractor or specialty construction company that is hired by the general contractor of a building project to perform certain specified tasks.  Each subcontractor involved in a construction project typically has a single specialty in which he or she works on the project in question, such as electrical, structural, or plumbing matters.  Subcontractors report to the general contractor and are paid by the general contractor from the funds the general contractor receives for the project from the buyer.  Before a general contractor places a bid on a project, he or she will solicit bids from subcontractors who will need to be involved to get an accurate bid.

Subdivision

Subdivision is the process in which the owner of a large piece of real property divides that property into multiple smaller parcels.  Subdivision may occur on the small scale, as when the property owner splits his or her land in two and sells both halves or retains one personally and sells or rents the other.  On a larger scale, subdivision may occur when a real estate developer purchases a large parcel of real property and divides it into numerous lots, each designed to accommodate an individual home site.  The process of subdivision, whether on the small or large scale or somewhere in between, is subject to jurisdictional laws and zoning ordinances for the area.

Subordinate loan

A subordinate loan is any loan subsequent in time to an original loan, such as a second or third mortgage.  The priority of a subordinate loan is below that of a primary loan.  For example, in the event of a borrower´s bankruptcy, the primary loan, that which was borrowed first in time, will be paid off to the maximum extent possible using available funds before any money that may be left over is devoted to the payment of a subordinate loan.  Because of this greater risk to the lender associated with a subordinate loan, subordinate loans tend to carry considerably higher interest rates than do primary loans.

Sump pump

A sump pump is a pump mechanism that moves water out from the basement of a home, out of the house.  Most residential basements contain what is known as a sump pit, which is a hole in the basement floor that collects water.  A sump pump removes the water that accumulates in a sump pit and transports it out of the home.  Sump pumps are particularly important in areas where there is potential for flooding, but the mechanisms also are helpful generally in eliminating even minimal water that can cause moisture-related problems such as mold or mildew.

Survey

A survey is a precise measurement of a parcel of  real property.  A survey is conducted  by a licensed surveyor, who is a professional, often an engineer, who is trained to accurately measure land.  A land survey is important for a variety of reasons.  For a buyer of property, a survey can provide information regarding what the exact legal boundaries of the property are, which may disclose any otherwise unknown and undiscoverable physical encumbrances or encroachments on the property.  A survey also accurately depicts the area of a property, which can be used to compare other properties of the same or similar area in terms of listing price.

Sweat equity

Sweat equity is the non-cash value that is put into a parcel of real property by the property owner.  The term sweat equity derives from the valuation of a property not just by its assessed monetary value, but also by the work put into the property in terms of repairs, maintenance, and the like.  For example, sweat equity may include do-it-yourself home improvements.  Major projects, such as bathroom and kitchen remodeling or room additions, are more valuable in terms of sweat equity than more minor cosmetic changes, such as replacement of wallpaper or new interior paint.