| Sales contract Contract that contains the terms of the agreement between the buyer and seller for the sale of a particular parcel or parcels of real estate. |
| Second mortgage Lien on property that is subordinate to a first mortgage. In the event of default, the second mortgage is repaid after the first. Also called a junior mortgage, and in some circumstances a home equity loan. |
| Secondary mortgage market Market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; plays an important role in getting money from those who want to lend to those who want to borrow. |
| Seller’s market One with few sellers and many buyers. |
| Semidetached One structure containing two dwelling units separated vertically by a common wall. |
| Settlement The day on which title is conveyed. |
| Settlement costs See closing costs. |
| Special assessment A special tax imposed on specific parcels of real estate that will benefit from a proposed public improvement, such as a street or sewer. |
| Steering The illegal practice of directing potential home buyers to or away from certain neighborhoods either to maintain or to change the character of an area, or to create a speculative situation. |
| Subdivision A tract of land divided by the owner into smaller lots for homesites or other use. |
| Subletting The leasing of premises by a lessee to a third party for part of the lessee’s remaining term. |
| Survey An exact measurement of the size and boundaries of a piece of land by civil engineers or surveyors. |