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 sellerthat 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.