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Real Estate Dictionary
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Sales Contract - Same as a sales agreement, purchase agreement, etc. Not the same as a land contract, which is a conditional sales contract. See Purchase and Sales Agreement.
Salesperson - One who is licensed to work in real estate under a licensed broker.
Second Hand - Describes an already built property, which someone already live there, meaning the buyer will be the second hand of the apartment.
Second Mortgage - A mortgage that ranks after a first mortgage in priority. A single property may have several mortgages, each ranked by a number to show which gets paid off in what order.
Secondary Mortgage Market - Market where investors buy and sell existing mortgages. The purchasers of first mortgages or trust deeds are banks, government agencies, insurance companies, investment bankers, or government agencies. This allows lenders to keep an adequate supply of money available for new loans.
Secured Loan - A loan that is backed by collateral.
Securitization - Pooling loans for various purposes into standardized securities backed by those loans, which can then be traded like any other security.
Security - Real or personal property pledged or hypothecated by a borrower, as additional protection for the lender's interest. The property that will be pledged as collateral for a loan.
Security Room - In Israel a room built with extra concrete and iron, with a special window. Today without a security room, there is no license for the house. A new version for the bomb shelter.
Selling Agent - The real estate agent obtaining the buyer rather than listing the property. The listing and selling agent may be the same person or company (dual agency).
Selling Tax - A cycle tax in Israel calculated as a percentage of the total selling price. The seller is the one who pays it. In general it is 2.5%.
Settlement- a conclusive resolution of a matter and disposition of it. See also closing.
Semi-Detached - Half a detached house. See also Half Dwelling House.
Short Sale - The sale of shares not owned by the investor but borrowed through a broker and later repurchased to replace the loan. Profits are earned if the initial sale is at a higher price than the repurchase price.
Sign - An advertisement placed on a property showing that the property is available for sale/rent.
Signature - The act of putting one's name on an instrument. It is now legal to fax or email a signature.
Signed, Sealed and Delivered - A phrase indication that everything necessary to convey and been done.
Simple Interest - Interest payable on the principal amount of the loan only. Compound interest is paid on the principal and accumulated interest.
Single Family Home - Originally used to distinguish a house designed for use by one family. Now included houses with no common area from a planned development or condominium.
Specification - Written details or drawings showing a contractor how to proceed with construction.
Speculation - Undertaking a risky investment with the objective of earning a greater profit than an investment in a risk free alternative (a risk premium).
Spot Rate - The current interest rate appropriate for discounting a cash flow of some given maturity.
Square Foot - A one by one foot section of floor space. In construction the number of square feet in a building or piece of land is often used to help determine the sales price. In Israel using the metric system.
Stock (Share) - A certificate which presents ownership and partnership percentages in a company. The certificate gives the one who holds it a right for a proportion share from the profit distribution and a right of vote in the shareholders assembly. In case of a dismantle process or bankruptcy of the company the shareholders have a right to participate in the assets distribution, but they will be the last after all the debt holders. One of the unique features of stock ownership is the notion of limited liability. If the company loses a lawsuit and must pay a huge judgment, the worse that can happen is your stock becomes worthless. The creditors can't come after your personal assets. That's not necessarily true in private-held companies.
Structure - Structure of a building. Only the construction frame, the foundation and the infrastructure.
Supply Shock - An event that influences production capacity and costs in the economy.
Suburbs - The immediate vicinity of a city or town.
Suburban - The area around a city.
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.
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