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Sale Leaseback - The sale of a property by the seller with a simultaneous leasing of the same property by the seller.

Sandwich Lease - The combination of a lease held by a lessee (tenant) who becomes a lessor (landlord) by subletting to another lessee (subtenant), in which the sandwich leaseholder is not the owner nor the user of the property.

Seasoning - A period of time in which a loan has been in force for, thus establishing the borrower's payment history. Loans are usually considered to be seasoned after either six months or one year.

Second Mortgage - A mortgage recorded after another mortgage has already been recorded and not yet released, and is subordinate to the first mortgage.

Section 1031 - The Internal Revenue Code section that deals with tax-free exchanges of like-kind property.

Section 8 - Privately owned rental units that participate in the Federal low-income rental assistance program created by 1974 amendments to Section 8 of the 1937 Housing Act.

Security Deposit - The cash payment required by landlord to be held for the term of the lease to offset potential damages to the property due to actions of the tenant.

Seller Financing - See Owner Financing.

Septic System - The on-site system for the disposal of wastewater.

Setback - The distance between the edges of property and improvements located on the property.

Settlement Statement - Known also as a Closing Statement or HUD-1. See Closing Statement.

Short Sale - The sale of a property in which the proceeds of the sale fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and write off the remainder of what is owed on the mortgage if the owner is unable to make the mortgage payments. By accepting a short sale, the bank can avoid a lengthy and costly foreclosure, having to take possession of the property, and the owner is able to pay off the loan for less than what is owed.

Sole Proprietorship - Ownership of a business by an individual rather than a partnership, corporation, or LLC.

Special Warranty Deed - A deed in which the title warranty given to the grantee by the grantor with the limits of not warranting against title defects arising from conditions that existed before grantor owned the property.

Specific Performance - The legal action in which a court enforces the terms of a contract requiring a party to perform the actions of the contract.

Staging - Redecorating a home for sale to make it look more appealing to potential buyers.

Stipulations - The terms of a written contract.

Subject To - The title to a mortgaged real property is transferred to the buyer but the buyer is not personally liable for the payment of the amount due. However, the buyer must continue to make payments in order to keep the property.

Subordination - A clause or document permitting a mortgage recorded at a later date to recieve higher priority over an existing lien.

Subprime Loan - A loan at a higher interest rate because the borrower doe snot qualify for the best rates possible due to credit or income reasons.

Survey - The process that measures a parcel of land and determines its area exactly.

Sweat Equity - A gain in the value of a property due to improvements being made through your own effort.