An arrangement whereby a freeholder or lessee sells his interest in a property for an agreed sum and takes back a lease on the whole or part of the property from the purchaser, generally either at a rack rent or at some lesser rent related to the price paid.
Sale Deed
The sale deed transfers the ownership of the property/properties in exchange for a price paid or considered. This document is required to be registered compulsorily.
Sash
The frame in which a pane of glass is set to form a window.
Science park
A development of an industrial nature suited to accommodate high technology, with supporting amenities, which is associated on site with or is close to a higher educational research establishment to provide cross-fertilisation of ideas between entrepreneurs and researchers for the purpose of enabling academic knowledge to be applied to effective commercial use.
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
Comprises of an interest free lump sum payment to the landlord at the commencement of the lease, which is refundable at the end of the lease term. Though the deposit amount varies depending on city, property type, location and the period of the lease, it may range anywhere between 6 to 18 months of monthly rental. It is not uncommon for some landlords to provide a bank guarantee to the tenant as security for the repayment of the initial deposit amount.
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.
Serviced accommodation
Suites of offices or rooms where the landlord provides a range of services within the individual premises extending beyond the traditional ones associated with the maintenance and management of the building itself or the operation and maintenance of the installation or plant therein eg. furniture, telephone, fax machine, room cleaning, and/or provides centralised specialised services, such as a receptionist and secretarial and communication facilities.
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.
Shingles
Thin pieces of wood or other material set in overlapping rows to form a roof or wall cladding.
Shopping Mall
A group of retail outlets designed and built with ways for pedestrians on one or more levels to form a unified whole under one roof.
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.
Site Plans
A drawing of an area of land, on a horizontal plane, showing the boundaries and physical extent of the land included in a particular parcel. It may also show any existing buildings or the proposed layout of a development.
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.
Speculator
A person (usually a dealer) who undertakes a transaction in property, in expectation of asking for a profit but with the risk of not doing so.
Square
A square is a measurement of home area. One square = 9.3m2 approximately.
Square Feet
Unit of Area Measurement. 1 square feet = 0.093 square metre
Stamp Duty
The stamp duty is usually a percentage of the transaction value levied by the state government on every registered sale. The agreement to sell clearly states the stamp duty, which is usually paid by the buyer, and he gets his name registered in the land revenue records. It ranges from 5 per cent of the transaction value to 14 per cent in some states.
Strata Title
Freehold title to a horizontal title above and/or below. Satisfactory arrangements for management usually involve a statutory obligation for the setting up of a management corporation with responsibility for the maintenance of common facilities and areas.
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.
Sub Leasing
A method wherein, the primary lessee of a property has the right to further lease out a part or whole of the property to another occupier or lessee. Essentially, the right to sub lease is decided beforehand at the time of signing the main lease agreement and is with the consent of both the leasor and the leasee.
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.
Suspended Ceiling
A ceiling, not being part of the structural framework of a building, installed below the level of the underside of the floor above or of the roof. Commonly used to provide space for services eg.
