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sacrificial anode

A metal rod inserted into a water heater to extend the life of the tank.

sale-leaseback

A real estate transaction where the buyer leases the property back to the seller for a specific period of time. Also known as a seller rent-back.

sales concession

A cost that is paid by the seller, despite the fact that the cost is usually paid by the buyer.

sales contract

A contract that is signed by the buyer and seller that provides the details and terms of the purchase.

saltbox style

A design in the shape of saltboxes that dates back to colonial times.

sanitary sewer

The drain line that carries away the wastewater to the municipal sewer system or to a septic tank.

sash

1. One window of the two windows in a double-hung window.

2. The frame into which the panes of a window or a door are set.

schematic designs

A sketch of the floor plans and the exterior of a building.

sale-leaseback

The sale of property with the understanding that the seller can lease it back from the new owner.

SEALED BIDS

Amount of the bid offered enclosed in an envelop so that other bidders would not see the amount offered.

SECONDARY MARKET

A market which buy and sells mortgages after being offered in primary markets.

second mortgage

A second loan placed upon property.

secondary mortgage market

Packaged home loans that are resold as securities to investors.

secured loan

A loan backed by collateral.

security

A piece of property that has been designated as collateral.

seller carry-back

An agreement where the seller provides the financing for the purchase of the home.

seller financing

The seller allows the borrower to use a portion of the equity in the property to finance the purchase.

seller rent-back

A real estate transaction where the buyer leases the property back to the seller for a specific period of time. Also known as a sale lease-back.

seller take-back

An agreement where the seller provides the financing for the purchase of the home.

sellers market

A real estate market where the sellers have the advantage and multiple offers are a common occurrence.

selling agent

A real estate broker or salesperson that writes up the offer to purchase for the buyer, but may not be the buyer’s regular representative.

septic system

A self-contained sewage treatment system that holds wastewater in an underground storage area and relies on bacterial action to decompose solid waste matter.

service conductor

Are the wires extending from property utility equipment to the corresponding company’s line.

servicer

A firm that collects mortgage payments and manages a borrowers escrow accounts.

setback

The minimum amount of distance that a building must be set from the property line.

settlement or closing fees

Fees that are paid for the completion of the written instruction for the agreement between the buyer and the seller and the lender.

settlement statement

A document that provides the details regarding what payments have been made and to whom.

severalty

The ownership of real property by one individual. Also known as sole ownership.

severance

Changing an item from real property to personal property by detaching it from the land.

shake

A thick wood shingle, often made from cedar, that is used for roofs and siding.

shared-appreciation mortgage

A type of loan that allows more than one party to share in the borrowers profits when the home is sold.

shared-equity transaction

A transaction where there are two buyers purchasing a property; one is to be the resident on the property and the other will be an investor.

sheathing

A layer of boards or other fibrous material that is applied to the outer studs, joists and rafters of a building to strengthen the structure and serve as the base for an exterior weatherproof cladding.

shed ceiling

A ceiling that pitches upward at one end.

shed roof

A roof that pitches up further on one side than the other.

shingle ripper

A flat, bar-like tool with a sharp hook that is designed to make removing shingles easier.

shingles

Thin oblong pieces of material made of slate or wood, which is laid in overlapping rows to cover a roof or sides of a building.

shiplap

Wood siding applied horizontally so that the edge of one board overlaps the one next to it in a flush joint.

shoe molding

A finishing trim set between the floor and the baseboard.

shutoff valve

A small valve that is under a sink or behind a toilet and controls the water supply to the plumbing fixture.

shutters

Covers that are mounted on each side of a window.

sidelights

Tall, narrow windows that are set beside a door.

siding

A type of covering of exterior walls of buildings.

sill

The lowest horizontal piece of a door or window opening.

sill cock

An exterior threaded faucet connection for a garden hose.

sill plate

A horizontal piece of wood placed on top of the foundation.

sill sealer

A material that seals the gaps between the foundation and sill plate.

simple assumption

A type of loan assumption in which the original borrower remains a liable as a secondary borrower should the original borrower default.

single agent

An agent who represents either the buyer or the seller in a transaction.

single-pole switch

A conventional light switch that controls one or more lights from a single location.

sink trap

The P- or S-shaped section of a drainpipe located directly beneath a sink; intended to hold a small amount of water so that it blocks sewer gasses from rising into the house.

skylight

A window in built into a roof to allow natural light to illuminate a room.

slab foundation

A foundation that is built directly on soil; it does not have a basement or a crawl space.

slider window

A window that is made of two windows or sashes and that glides open and closed on a metal track.

snubber

A spring-like device that is placed between the top of a door and the door jamb to pull the door shut.

soffit

The external area under the overhang of a roof.

soils test

A test of the subsoil to ensure that a foundation can be safely constructed at that spot.

sole plate

The bottom horizontal component of a frame wall on which the studs sit.

solid-core door

A door that is completely solid throughout.

soundboard

A special board that is placed beneath the wallboard to reduce the transmission of sound through the wall.

Spanish mission style

An architectural design that derived from Spanish missions established in the Southwest.

special assessment

A specific amount of money that homeowners pay to a homeowners association for the purpose of performing public improvements.

special deposit account

An account that is required for rehabilitation mortgages to hold and disperse the restoration and remodeling funds to the contractors as the work is completed.

specifications

Written requirements for material, equipment, and construction systems and standards.

speculation home

A home that has been built without a buyer.

splash block

A slanted block that is used to divert the runoff water from a downspout away from the foundation.

spline

A thin piece of wood, metal or vinyl that secures a joint.

split-level style

A style of home that is similar to ranch style, but built to fit on a smaller lot.

square footage

The number of square feet of livable space in a building.

standard metropolitan statistical area (SMSA)

A designation given by the U.S. Office of Management and Budget to cities of 50,000 or more residents.

standard payment calculation

A calculation that is used to determine the monthly payment that will be necessary to repay the balance of a home loan in equal installments.

starter home

A first home that is generally of a lower-than-average price.

steel framing

A construction method used by commercial and residential builders.

step-rate mortgage

A type of home loan that allows a gradual increase in the interest rate during the first few years.

stigmatized property

Property that has an undesirable reputation because of an event that had occurred on or near the site.

stiles

The vertical pieces that make up the construction of a door.

stool

Part of an interior window frame that extends horizontally across the lower part of the opening.

stop

A thin strip of wood fastened to the face of a doorjamb; intended to stop the door when you close it. Also called a doorstop).

storm sewer

A drain line that is not connected to the sewer line and is used to remove all other wastewater from a building.

storm window

A window that is installed on top of an ordinary window and is used for additional protection in extreme weather conditions.

straight purchase

A transaction where a buyer gives the builder a deposit to begin building, and the balance when the house is completed and the sale closes.

strike plate

The flat metal plate that is fastened to a doorjamb to receive a lockset latch or bolt to keep a door closed.

stucco

A mixture of sand and cement that is used to cover the exterior surface or the interior walls of a building.

studs

The horizontal pieces of lumber or steel in a wall to which a wall covering is attached.

subagent

An agent who assists another agent in representing a principal, a party or in a transaction.

subcontractor

Specialty construction company that is hired by the general contractor to perform a specific task.

subdivision

The division of a large piece of property into smaller parcels.

subflooring

Plywood or boards beneath a finished floor, that is nailed directly to floor joists, and provides a structural base for finish flooring material.

subject-to

The transfer of rights to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults.

subordinate loan

A second or third mortgage.

subsequent rate adjustments

The adjusted interest rate with an adjustable rate loan (ARM) that may be adjusted at regular intervals.

subsequent rate cap

The maximum amount that the interest rate may increase at each regularly scheduled interest rate adjustment period for an adjustable rate loan (ARM).

sump pump

A pump that moves water from a basement sump pit.

surround

The material that surrounds a bathtub or shower and protects the wall from water damage.

survey

A precise measurement of a piece of property by a licensed land surveyor.

swale

A wide, shallow depression in the ground designed to channel drainage of rainwater.

sweat equity

The non-cash value added to a piece of property by the owner, such as do-it-yourself home improvements