Glossary in letter s

Sacrificial anode
A metal rod submerged into a water heater to extend the life of the tank.
Sale-leaseback
A real estate transaction in which the buyer leases back the property to the seller for the time being.
Sales concession
Costs paid by the seller, even though the cost is usually paid by the buyer.
Sales contract
A contract signed by the buyer and seller that details the terms of a property purchase.
Sanitary sewer
The drainage system in a house that carries away wastewater to a municipal sewer system or a septic system.
Second mortgage
A second loan for a piece of property.
Secondary mortgage market
A market of packaged home loans that are re-sold as securities to investors. Major players: Fannie Mae and Freddie Mac.
Secured loan
A loan backed by collateral.
Seller carry-back
An agreement in which the seller provides financing for a property purchase.
Seller financing
The seller gives the borrower permission to use a portion of the equity in the property to finance the purchase.
Seller rent-back
A real estate transaction in which the buyer leases the property back to the seller for a specific period of time (Sales lease-back).
Sellers take-back
An agreement in which the seller provides financing for a property purchase.
Sellers market
A popular real estate market in which sellers have the advantage and multiple offers are common.
Selling agent
A real estate broker or salesperson who creates the purchase offer for a buyer in a real estate transaction, but may not actually represent the buyer.
Semi-custom home
The buyer of a semi-custom home is entitled to make changes to some design aspects of the home, but not to the homes structural plan.
Septic system
A self-contained sewage treatment system that holds wastewater in an underground storage and relies on bacterial action to decompose solid waste matter.
Settlement or closing fees
Normally the Fees are paid to the escrow agent (and often a title insurance company) for carrying out the written instructions of the agreement between buyer and seller and/or borrower and lender.
Settlement statement
A detailed document outlining that who has paid what to whom.
Shared-appreciation mortgage
A loan that allows a lender or third party to share in the borrowers profits when the home is sold.
Shared-equity transaction
A transaction in which 2 buyers purchases a property, one as a resident co-owner and the other as an investor co-owner.
Special assessment
An amount of money levied upon owners in a homeowners association for public improvements.
Special deposit account
An account required in rehabilitation mortgages. Restoration and remodeling funds included in the loan are disbursed from the special deposit account to the appropriate contractors as work is completed.
Specifications
The requirements for materials, equipment, and construction systems and standards.