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S Terms

Sale-Leaseback – An agreement under which the owner-occupant of a real property agrees to sell all or part of it to an investor, then lease it back so as to continue occupying all or part of the property as a tenant.  The seller, now lessee benefits by being able to expense 100% of the lease payments.

Sales Comparison Value – A value derived by appraisers by comparing the property under appraisal to similar properties that have recently been sold in the same area.

Seller’s Contribution – A seller may pay some or all of a borrower’s closing costs – the amount of the contribution has limitations.

Seller’s Cost – The costs an owner incurs in selling their home. This could include realtor expenses and other miscellaneous expenses such as painting or minor repairs to prepare the home for sale.

Setback – The distance from a curb, centerline of road easement, property line or other reference point or boundary, within which construction of a building is forbidden.

Single-Family Detached Home (SFR) – A freestanding dwelling for a single family.

Site Analysis – An analysis to determine if a specific parcel of land is suitable for an intended specific use.

Site Development – The installation of the necessary public improvements to a site, such as sewer, water and roads, before construction of a building or project can begin on the site.

Site Plan – A detailed drawing showing the location of all improvements on a parcel or piece of land including a north arrow and a key.

Slab – The exposed wearing surface laid over the structural support members of a building or on grade to form the building’s foundation.

Soft Costs – The portion of an equity investment, not including the actual improvement costs, which may be tax-deductible in the first year.

Special Assessment – Special charges levied against real property for public improvements that benefit the assessed property.

Stabilized Net Operating Income – Projected income less expenses that are subject to change but have been adjusted to reflect equivalent, stable property operations.

Stabilized Occupancy – The optimum range of long-term leases or subleases that an income-producing real estate property or project is likely to achieve after exposure for leasing in the open market after a reasonable time period at terms and conditions similar to other competitive market offerings.

Strip Center – A shopping area made up of a row of retail stores traditionally anchored by a supermarket or large chain store.

Subcontractor – A contractor, a tradesman, working under subcontract to and being paid by a general contractor. Normally a specialist at a trade in nature, such as an electrical contractor, cement contractor, or plumbing contractor, with most trades in need of licensing by a state government.

Sublessee – A person or legal entity to which the rights of use and occupancy under a lease are transferred, while the original lessee retains primary responsibility to the lessor for the lease’s obligations.

Survey – The process by which a parcel is measured and its metes, bounds and contents ascertained; also the plat, map or the statement of the survey’s results with the courses and distances and quantity of the land.

Sweat Equity – The use of labor to build, improve or rehabilitate a property instead of or in addition to a cash payment.

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