Commercial, Residential, Rental Properties in India
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Real Estate Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

S Terms :
Sash
The frame in which a pane of glass is set to form a window.
Second Mortgage
A mortgage on property that ranks below a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts as liens at the same time. Legal sequence priority, indicated by the date of recording, determines the designation first, second, third, etc.
Security
The property that is pledged as collateral.
Security Deposit
A deposit of money by a tenant to a landlord to secure performance of a lease. This deposit can also take the form of a Letter of Credit or other financial instrument.
Seller's Market
When demand for property is greater than supply. The result is greater opportunities for owners who may find someone willing to offer the asking price or even a figure greater than the asking price. Contrast with Buyer's Market.
Semi-Detached
Also called Duplex. A type of construction where two buildings are attached together by a common wall.
Service (the loan)
The periodic, normally monthly, collection of mortgage interest and principal repayment and other mortgage- related expenses, such as property taxes and property insurance.
Setback
The distance from a curb, property line or other reference point, within which building is prohibited.
Settlement
1. The sale of a property is finalised by the legal representatives of the vendor and the purchaser, mortgage documents come into effect, costs are paid and the new owner takes possession of the property.
2. Sinking of the soil or any part of the structure.
Shingles
Thin pieces of wood or other material set in overlapping rows to form a roof or wall cladding.
Sill
The horizontal section of material at the base of a window opening.
Site Plan
A detailed plan which depicts the location of improvements on a parcel of land which also contains all the information required by the zoning ordinance.
Skillion
A roof shape consisting of a single sloping surface without a ridge.
Slab
Costs incidental to property ownership, other than interest (i.e. taxes, insurance costs and maintenance expenses), that must be absorbed by the landlord during the initial lease-up of a building and thereafter during periods of vacancy.
Soft Cost
That portion of an equity investment other than the actual cost of the improvements themselves (i.e. architectural and engineering fees, commissions, etc.) and which may be tax-deductible in the first year.
Special Assessment
Any special charge levied against real property for public improvements (e.g., sidewalks, streets, water and sewer, etc.) that benefit the assessed property.
Special Condition
A condition that must be met before the contract is legally binding. For example, if buying a home the purchaser may specify that the contract is not legally binding until the purchaser has obtained a building inspection.
Square
A square is a measurement of home area. One square = 9.3m2 approximately.
Stamp Duty
A state tax on conveyance or transfer of real property calculated on the total value of the property (including chattels). This calculation varies from State to State.
Strata Title
A title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks of flats and based on the horizontal and vertical subdivision of air space. Owners have a certificate of title, are absolute owners of a freehold flat .
Stratum Title
Also called Company Title. A stratum-title owner has a certificate of title and is the absolute owner of a freehold flat. An owner automatically becomes a member of a service company that administers, manages and maintains the property .
Strip Center
Any shopping area, generally with common parking, comprised of a row of stores but smaller than the neighborhood center anchored by a grocery store.
Studs
The uprights in the wall of a building.
Subdivision
A tract of land divided into individual lots for a housing development.
Subdivision Plat
A detailed drawing which depicts the manner in which a parcel of land has been divided into two or more lots. It contains engineering considerations and other information required by the local authority.
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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