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- Sale proceeds after tax
- The sale proceeds before tax less the tax liability on the sale.
- Sale proceeds before tax
- The sale price less the sale costs and the mortgage loan balance.
- Sale-leaseback
- A leasing and financing strategy in which a property owner sells its property to an investor, then leases it back. This strategy frees capital that otherwise would be frozen in equity.
- Sandwich lease
- Also known as sublease.
- 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
- A loan backed by collateral.
- Security
- A piece of property designated as collateral.
- Seller carry-back
- An agreement in which the seller provides financing for a home purchase.
- Servicing
- 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.
- Shopping center
- A group of commercial establishments designed, built and managed as a unit to serve the immediate trade area. It provides on-site parking in proportion to the size, type and number of stores in the center.
- Simple average method
- A technique for calculating the vacancy rate for a market area by calculating the vacancy rate for each building, then averaging these rates to get an overall rate.
- Sinking fund
- A fund designed to accumulate a designated amount of money over a specified time period. The periodic amount of money deposited plus compound interest will accumulate to the designated amount.
- Slab foundation
- A foundation built directly on soil with no basement or crawl space.
- Soffit
- An external area under the overhang of a roof.
- Space Pocket
- Part(s) of a leased premises set aside to accommodate tenant's future growth.
- Space market
- The supply and demand for the use of physical space.
- 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.
- 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.
- Step lease
- A lease in which the rental amount paid by the lessee changes by a present rate or set dollar amount at predetermined intervals. A step lease is a means for the lessor to hedge against inflation and future maintenance or operational expenses.
- Step-rate mortgage
- A loan that allows a gradual increase in the interest rate during the first few years of the loan.
- Subdivision
- The process in which the owner of a large piece of property divides it into smaller parcels.
- Sublease
- A lease in which the original tenant (lessee) sublets all or part of the leasehold interest to another tenant (known as a subtenant) while still retaining a leasehold interest in the property. Also known as a sandwich lease due to the sandwiching of the original lessee between the lessor and the subtenant.
- Submarket
- A segment or portion of a larger geographic market defined and identified on the basis of one or more attributes that distinguish it from other submarkets or locations.
- Subordinate loan
- A second or third mortgage.
- Super-regional center
- A retail property type similar to regional centers, but because of its larger size, a super-regional center has more anchors, a deeper selection of merchandise and draws from a larger population base. As with regional centers, the typical configuration is as an enclosed mall, frequently with multiple levels.
- Survey
- A document that illustrates the property boundaries and measurements, specifies the location of buildings on the property, and indicates any easements or encroachments.
- Sweat equity
- The non-cash value put into a piece of property by the owner, such as do-it-yourself improvements.
Some definitions come from the Certified Commercial Investment Member Institute (CCIM).
