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north carolina real estate glossary

NC Charlotte Homes & Carolina Real Estate Glossary S
From Sale-Leaseback, Setback, Subcontractor to Sweat Equity

Return to the Real Estate Glossary

Sale-leaseback - An agreement under which the owner-occupant of a real property agrees to sell all or part of it to an investor, then lease it back so as to continue occupying all or part of the property as a tenant.

Sales comparison value - A value derived by comparing the property under appraisal to similar properties that have recently been sold in the same area.

Seller's contribution - A seller may pay some or all of a borrower's closing costs - the amount of the contribution has limitations.

Seller's cost - The costs an owner incurs in selling their home. This could include Realtor expenses and other miscellaneous expenses such as painting or minor repairs to prepare the home for sale.

Separate account - A relationship where a single pension plan sponsor retains an investment manager or adviser to source real estate product under a specified investment policy solely for that sponsor.

Setback - The distance from a curb, center line of road easement, property line or other reference point or boundary, within which construction of a building is forbidden.

Single-family detached home - A freestanding dwelling for a single family.

Site analysis - An analysis to determine if a specific parcel of land is suitable for an intended specific use.

Site development - The installation of the necessary improvements to a site, such as sewer, water and roads, before construction of a building or project can begin on the site.

Site plan - A detailed drawing showing the location of all improvements on a parcel or piece of land.

Slab - The exposed wearing surface laid over the structural support members of a building or on grade to form the building's floor(s).

Soft cost - The portion of an equity investment, not including the actual improvement costs, which may be tax-deductible in the first year.

Special assessment - Special charges levied against real property for public improvements that benefit the assessed property

Stabilized net operating income - Projected income less expenses that are subject to change but have been adjusted to reflect equivalent, stable property operations

Stabilized occupancy - The optimum range of long-term leases or subleases that an income-producing real estate property or project is likely to achieve after exposure for leasing in the open market after a reasonable time period at terms and conditions similar to other competitive market offerings.

Strip center - A shopping area made up of a row of retail stores traditionally anchored by a supermarket.

Subcontractor - A contractor, usually a tradesman, working under subcontract to and being paid by a general contractor. Normally a specialist at a trade in nature, such as an electrical contractor, cement contractor, or plumbing contractor, with certain trades in need of licensing by a local government.

Sublessee - A person or legal entity to which the rights of use and occupancy under a lease are transferred, while the original lessee retains primary responsibility to the lessor for the lease's obligations.

Surface rights - A right or easement granted with mineral rights, enabling the possessor of the mineral rights to drill or mine through the soil and waters superincumbent upon the underlying mineral.

Survey - The process by which a parcel is measured and its metes, bounds and contents ascertained; also the plat, map or the statement of the survey's results with the courses and distances and quantity of the land.

Sweat equity - The use of labor to build, improve or rehabilitate a property instead of or in addition to a cash payment.

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