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 PLATE
The lumber used around the foundation to support exterior wall framing.

SILL COCK
Garden hose pipe connection.

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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Real Estate Definitions