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TermDefinition
- S CorporationA business organization with 100 or fewer stockholders that decides not to be taxed as a regular corporation. There are other requirements to establish as an S Corporation.
- Sack MixThe amount of Portland cement in a cubic yard of concrete mix. Generally, 5 or 6 sack is required in a foundation wall.
- SaddleA small second roof built behind the back side of a fireplace chimney to divert water around the chimney. Also, the plate at the bottom of some-usually exterior-door openings. Sometimes called a threshold.
- Sale/Lease BackWhen a lender buys a property and leases it back to the seller for an extended period of time. This arrangement allows the seller to make full use of the asset while not having capital tied up in the asset. Leasebacks sometimes provide tax benefits.
- Sales AgentA person conducting real estate activities together with a licensed real estate broker.
- Sales AgreementContract signed by buyer and seller stating the terms and conditions under which a property will be sold.
- Sales ContractA contract between a buyer and seller which should explain: (1) What the purchase includes, (2) What guarantees there are, (3) When the buyer can move in, (4) What the closing costs are, and (5) What recourse the parties have if the contract is not fulfilled or if the buyer cannot get a mortgage commitment at the agreed upon time.
- Saltbox RoofA saltbox roof is a type of gable roof where the ridge (or peak) is off-center because the roof's pitch is different on each of the two roof sections.
- Sand Float FinishLime that is mixed with sand, resulting in a textured finish on a wall.
- Sanitary SewerAn underground sewer system that transports sewage from the interior pipes to a sewage treatment plant.
- SashA single light frame containing one or more lights of glass. The frame that holds the glass in a window, often the movable part of the window.
- Sash BalanceA device, usually operated by a spring and designed to hold a single hung window vent up and in place
- Sash WindowA wall opening made of one or several movable panels (referred to as sashes) that serve as a frame for holding glass panes.
- Satisfaction of MortgageThe recordable instrument issued by the lender verifying full payment of a mortgage debt.
- Saturated FeltA felt which is impregnated with tar or asphalt.
- Schedule (Window, Door, Mirror)A table on the blueprints that list the sizes, quantities and locations of the windows, doors and mirrors.
- Schematic DrawingA rough drawing of a room or building that shows the general size and shape of the space.
- Schematic EstimateThe total estimated cost for a project prior to any construction adjustments being made.
- Scope of WorkThe description of a project that includes in-depth details and describes the work to be completed.
- Scrap OutThe removal of all drywall material and debris after the home is "hung out" (installed) with drywall.
- Scratch CoatThe first coat of plaster, which is scratched to form a bond for a second coat.
- ScreedThe board used to level concrete once it has been poured into a form.
- Screed, ConcreteTo level off concrete to the correct elevation during a concrete pour.
- Screed, PlasterA small strip of wood, usually the thickness of the plaster coat, used as a guide for plastering.
- ScribingCutting and fitting woodwork to an irregular surface.
- Scupper(1) An opening for drainage in a wall, curb or parapet. (2) The drain in a downspout or flat roof, usually connected to the downspout.
- SealerA finishing material, either clear or pigmented, that is usually applied directly over raw wood for the purpose of sealing the wood surface.
- SeasoningDrying and removing moisture from green wood in order to improve its usability.
- Second HomeA residential property, typically at least 50 miles from the primary residence and it cannot appear utilized for rental investment purposes
- Second MortgageA mortgage ranking in priority immediately below a first mortgage.
- Second-Story AdditionAdding a second level to a single-story home by removing the roof.
- Secondary Mortgage MarketMarket in which previously issued mortgages and mortgage-backed securities are traded among lenders and investors.
- Section 8A program allowing private landlords to rent properties at equitable market rates for qualified tenants with a low-income background. The voucher program rests on rental subsidized funded by the U.S. Department of Housing and Urban Development.
- Section DrawingsSpecific views of the home within building plans that also feature ceiling heights.
- Secured LoanA loan that is backed by property, etc.
- Secured Overnight Financing RateA benchmark interest rate for dollar-denominated derivatives and loans that is replacing the London Interbank Offered Rate (LIBOR). SOFR is the average secured borrowing rate at which institutions are offered loans collateralized by US Treasury bonds. SOFR differs from US LIBOR in that the latter is a rate for unsecured borrowing (where no collateral is posted).
- SOFRA benchmark interest rate for dollar-denominated derivatives and loans that is replacing the London Interbank Offered Rate (LIBOR). SOFR is the average secured borrowing rate at which institutions are offered loans collateralized by US Treasury bonds. SOFR differs from US LIBOR in that the latter is a rate for unsecured borrowing (where no collateral is posted).
- SecurityThe property or assets provided or pledged as collateral for a loan.
- Security DepositA payment collected from the tenant by the landlord to secure funds for covering any property damage.
- Self-Sealing ShinglesShingles containing factory-applied strips or spots of self-sealing adhesive.