The Wongsam Group - Richard and Vera Wongsam,CRS

Term	Definition

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.

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