|
S |
| second mortgage |
A mortgage that is paid off only after the first mortgage is paid when the property is sold. |
| security |
An asset that is pledged as collateral until the loan is repaid in full. |
| seller's market |
When demand for property is greater than the supply. This often gives owners greater opportunities to sell quicker or even at a figure greater than the asking price. |
| semi-detached |
A type of construction where two buildings are attached together by a common wall. Also called a duplex. |
| settlement date |
The date on which the new owner finalises payment and assumes possession of the property. |
| settlement |
The sale of a property is finalised by the legal representatives of the buyer and seller, costs are paid, mortgage documents go into effect, and the new owner takes possession of the property. |
| signatory |
The person authorised to access an account. |
| special condition |
Before the contract is legally binding certain conditions must be met. An example is having the building inspected. |
| square |
A square is a measurement of home area in Australia. One square equals approximately 9.3 square meters. |
| stamp duty |
A state government tax on conveyance or transfer of real property calculated on the total value of the property including chattels. |
| subdivision |
A tract of land divided into individual lots for a housing development. |
| survey |
A drawing or map showing the precise legal boundaries of a property, location of buildings, improvements, easements, rights of way, encroachments, and other physical features within a block of land. |
| susceptibility report |
This report shows the possibility of future pest infestations. |
