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Real Estate Glossary
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Terms starting with 'S':
SALE PRICE:
The actual price a property sells for, exclusive of any special financing concessions.
SALES COMPARISON APPROACH:
An appraisal practice which estimates the value of a property by comparing it to comparable properties which have sold recently.
SCARCITY :
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 :
A loan secured by the equity in a home, when a primary mortgage already exists.
SECONDARY MORTGAGE MARKET :
An economic marketplace where mortgage bankers buy and sell existing mortgages.
SECURED LOAN :
A loan that is backed by collateral. In the case of a mortgage loan, the collateral is the house.
SECURITY :
The property used as collateral for a loan.
SEMIDETACHED HOUSING:
Two residences which share a common wall.
SERVICER:
A financial institution which collects mortgage payments from borrowers and applies the appropriate portions to principal, interest and any escrow accounts.
SERVICING :
The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to.
SHEATHING :
The covering on outside walls beneath the siding or exterior finish such as stucco.
SHEETROCK:
Also called drywall, the gypsum board commonly used on interior walls.
SILL COCK:
Garden hose pipe connection.
SILL PLATE :
The lumber used around the foundation to support exterior wall framing.
SINGLE-FAMILY PROPERTY:
A property designed and built to support the habitation of one family.
SOFFIT :
The underside of a cornice at the eaves.
STUCCO:
A textured plaster exterior (and occasionally interior) wall finish.
STUD :
A vertical framing piece in a wall, generally 2x4 lumber in interior walls.
SUBDIVISION :
A residential development that is created from a piece of land which has been subdivided into individual lots.
SUBJECT PROPERTY:
A term which indicates a property which is being appraised.
SUMP :
A basin into which water drains and from which the water is pumped out.
SURVEY :
A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements.
SWEAT EQUITY :
The method whereby a home owner develops equity in a property, either during the purchase or throughout its life, by personally constructing improvements rather than paying to have them built.

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