| S Terms
: |
Sash
|
The frame in which a pane of glass is set to form a window. |
Second Mortgage
|
A mortgage on property that ranks below a first mortgage
in priority. Properties may have two, three, or more mortgages,
deeds of trust, or land contracts as liens at the same time.
Legal sequence priority, indicated by the date of recording,
determines the designation first, second, third, etc. |
Security
|
The property that is pledged as collateral. |
Security Deposit
|
A deposit of money by a tenant to a landlord to secure performance
of a lease. This deposit can also take the form of a Letter
of Credit or other financial instrument. |
Seller's Market
|
When demand for property is greater than supply. The result
is greater opportunities for owners who may find someone willing
to offer the asking price or even a figure greater than the
asking price. Contrast with Buyer's Market. |
Semi-Detached
|
Also called Duplex. A type of construction where two buildings
are attached together by a common wall. |
Service (the loan)
|
The periodic, normally monthly, collection of mortgage interest
and principal repayment and other mortgage- related expenses,
such as property taxes and property insurance. |
Setback
|
The distance from a curb, property line or other reference
point, within which building is prohibited. |
Settlement
|
1. The sale of a property is finalised by the legal representatives
of the vendor and the purchaser, mortgage documents come into
effect, costs are paid and the new owner takes possession
of the property.
2. Sinking of the soil or any part of the structure. |
Shingles
|
Thin pieces of wood or other material set in overlapping
rows to form a roof or wall cladding. |
Sill
|
The horizontal section of material at the base of a window
opening. |
Site Plan
|
A detailed plan which depicts the location of improvements
on a parcel of land which also contains all the information
required by the zoning ordinance. |
Skillion
|
A roof shape consisting of a single sloping surface without
a ridge. |
Slab
|
Costs incidental to property ownership, other than interest
(i.e. taxes, insurance costs and maintenance expenses), that
must be absorbed by the landlord during the initial lease-up
of a building and thereafter during periods of vacancy. |
Soft Cost
|
That portion of an equity investment other than the actual
cost of the improvements themselves (i.e. architectural and
engineering fees, commissions, etc.) and which may be tax-deductible
in the first year. |
Special Assessment
|
Any special charge levied against real property for public
improvements (e.g., sidewalks, streets, water and sewer, etc.)
that benefit the assessed property. |
Special Condition
|
A condition that must be met before the contract is legally
binding. For example, if buying a home the purchaser may specify
that the contract is not legally binding until the purchaser
has obtained a building inspection. |
Square
|
A square is a measurement of home area. One square = 9.3m2
approximately. |
Stamp Duty
|
A state tax on conveyance or transfer of real property calculated
on the total value of the property (including chattels). This
calculation varies from State to State. |
Strata Title
|
A title to a unit or lot on a plan of subdivision associated
with townhouses, units and blocks of flats and based on the
horizontal and vertical subdivision of air space. Owners have
a certificate of title, are absolute owners of a freehold
flat . |
Stratum Title
|
Also called Company Title. A stratum-title owner has a certificate
of title and is the absolute owner of a freehold flat. An
owner automatically becomes a member of a service company
that administers, manages and maintains the property . |
Strip Center
|
Any shopping area, generally with common parking, comprised
of a row of stores but smaller than the neighborhood center
anchored by a grocery store. |
Studs
|
The uprights in the wall of a building. |
Subdivision
|
A tract of land divided into individual lots for a housing
development. |
Subdivision Plat
|
A detailed drawing which depicts the manner in which a parcel
of land has been divided into two or more lots. It contains
engineering considerations and other information required
by the local authority. |
Survey
|
A drawing or map showing the precise legal boundaries of
a property, the location of improvements, easements, rights
of way, encroachments, and other physical features. |