Real Estate Words – S

Salaried Agent: A real estate agent who is compensated with a salary as opposed to a commission structure.
Sale Price: The listing or price paid for a property.
Sales Comparables: Properties that have recently sold in a predetermined area and are used to gauge the current market value of a property due to their similarities.
Sales Volumes: The total sum of sales transaction completed by either a real estate agent, broker or real estate office.
Search: In-depth research through a property’s title records.
Second Mortgage: A mortgage taken out on a property in addition to the initial mortgage, and ranking below the first mortgage in lien priority.
Secondary Market: The institutional investment market that buys mortgages from mortgage lenders.
Seller: A property owner who signs a listing agreement.
Settlement: See Closing.
Settlement Statement: A breakdown of costs involved in a real estate sale; also known as a closing statement or a HUD-1.
Showing: A property viewing by potential buyers.
SIDS: Special Improvement District. This is a form of property tax that may have been created to pay for certain improvements such as roads, fire hydrants, sewer systems or other public works. Each house is generally accessed a certain amount and once paid off, there is no future fees.
Simultaneous Issue Rate: A reduced rate for obtaining two forms of title insurance on the same property at the same time, such as purchasing a Loan Policy and an Owner’s Policy together.
Special Assessment: 1) An added charge to a cooperative or condominium unit; 2) A real estate tax for improvement to a property.
Special Warranty Deed: Where the grantor warrants that neither he/she nor anyone claiming under him/her has encumbered the property, and that he/she will defend the title against defects arising under and through him/her, but not others.
Starker Exchange: See 1031 exchange.
State Association of REALTORS®: The association of REALTORS® in a specific state.
Supra®: A specific vendor for electronic lockbox (ELB) that holds property keys.
Subdivision: Property divided into blocks, building sites, parks, public facilities and including easements, streets and alleys.
Survey: 1) The method by which a surveyor of real property identifies the boundaries of a parcel of land; 2) The map prepared by an engineer or surveyor charting a particular piece of real estate.