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- Sale-leaseback A transaction in
which the buyer leases back the property to
the seller for a specified period of time.
- Sales contract A contract
signed by the buyer and seller that details
the terms of a home purchase.
- Saltbox style A design that
dates to colonial times and takes its name
from the shape of saltboxes.
- Sanitary sewer The drain line
in a house that carries away food and human
wastewater to a municipal sewer system or a
septic system.
- Sash One of two windows in a
double-hung window.
- Schematic designs Renderings of
floor plans and the exterior of a house.
- Second mortgage Another loan
placed upon a piece of property.
- Secondary mortgage market A
market of packaged home loans that are
resold as securities to investors. Major
players are Fannie Mae and Freddie Mac.
- Secured loan Any loan backed by
collateral.
- Security Apiece of property
designated as collateral.
- Seller broker A seller broker
represents the interest of the seller.
- Seller carry-back An agreement
in which the seller provides financing for a
home purchase.
- Seller take-back An agreement
in which the seller provides financing for a
home purchase.
- Seller's market A hot real
estate market in which sellers have the
advantage and multiple offers are common.
- Semi-custom home The buyer of a
semi-custom home is free to make some design
changes but not to the home's structural
plan.
- Septic system A self-contained
sewage treatment system that distributes
wastewater to an underground storage area
and relies on bacterial action to decompose
solid waste matter.
- Servicer A firm that collects
mortgage payments and manages borrowers'
escrow accounts.
- Setback The minimum distance a
house or buildings must be from the lot
line.
- Settlement statement A document
that details who has paid what to whom.
- Shared-appreciation mortgage A
loan that allows a lender or other party to
share in the borrower's profits when the
home is sold.
- Shared-equity transaction A
transaction in which two buyers purchase a
property, one as a resident co-owner and the
other as an investor co-owner.
- Shed ceiling A shed ceiling
pitches upward at one end.
- Shed roof A shed roof pitches
up longer on one side than the other.
- Shingle style An alternative
style of Victorian homes that evolved in the
late 19th century to simplify the complexity
of the traditional Victorian house.
- Shingles 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.
- Shoe molding 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.
- Sill plate A horizontal piece
of wood placed on top of the foundation.
- Sill cock An exterior threaded
faucet connection for garden hoses that
provides water outside a home.
- Skylight A window in a roof
that allows natural light to illuminate a
room.
- Slab foundation A foundation
built directly on soil with no basement or
crawl space.
- Slider window A window that is
composed of two windows, or sashes, that
glide open and closed on a metal track.
- Soffit An external area under
the overhang of a roof.
- Soils test A test of the
subsoil to ensure that foundations can be
safely constructed.
- Spanish Mission style A design
that is derived from the original missions
established by the Spanish in the Southwest.
- Special assessment When a
homeowners' association needs or wants extra
funds, it levies a special assessment upon
the owners.
- Special deposit account 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.
- Specifications The written
requirements for materials, equipment,
construction systems and standards.
- Speculation home A home that
has been built without a buyer.
- Splash block A slanted block
used to divert runoff water from a downspout
away from the foundation.
- Split-level style A home that
is a ranch-style house stacked to fit on a
smaller lot and perhaps to accommodate a
garage.
- Square footage The number of
square feet of livable space in a home or
building.
- Standard Metropolitan Statistical
Area Areas designated by the U.S.
Office of Management and Budget that contain
a city of 50,000 or more.
- Standard payment calculation A
calculation that is used to determine the
monthly payment necessary to repay the
balance of a home loan in equal
installments.
- Starter home Homes that fall
within the lower price range of a typical
first-time buyer.
- Steel framing A construction
method used by commercial and residential
builders.
- Step-rate mortgage A loan that
allows a gradual increase in the interest
rate during the first few years of the loan.
- Storm sewer A drain line, which
is not connected to the sewer line, removes
all other wastewater from a home.
- Storm windows Sets of windows
and screens that are installed on older
double-hung windows.
- Strike plate The metal part of
a lock that is anchored to the doorframe and
holds the door closed.
- Straight purchase 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.
- Stucco A mixture of sand and
cement used to cover the exterior surface or
interior walls of a home or building.
- Studs The upright pieces of
lumber or steel in a wall to which panels,
siding, drywall or other coverings are
attached.
- Subagent When an agent brings a
buyer to a property, they in effect act as a
subagent to the listing agent.
- Subcontractor Specialty
construction companies hired by the general
contractor to perform certain tasks.
- Subdivision The process in
which the owner of a large piece of property
divides it into smaller parcels.
- Sub-flooring The sheathing,
usually made of plywood, placed on top of
floor joists and covered by flooring.
- Subordinate loan A second or
third mortgage.
- Sump pump A pump that moves
water from a basement sump pit.
- Survey A precise measurement of
a piece of property by a licensed surveyor.
- Sweat equity The non-cash value
put into a piece of property by the owner,
such as do-it-yourself home improvements.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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