Real Estate Terms - S

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Sale Price - The actual price paid for a piece of property.

Seer - The term SEER stands for Seasonal Energy Efficiency Ratio and is used to determine the energy efficiency of HVAC units. The higher the seer rating, the more efficient the unit is and the lower the cost will be to run it.

Seller - The owner of the property that has signed a listing contract.

Short Sale - A property being listed for less than the amount owed to lending institution that holds the mortgage on the property. A short sale must be approved by the mortgage holder as well as any offers to purchase the property. Because of this, short sales usually take longer to close escrow than a traditional listing.

Showing - The touring of a property by a buyer's agent or a prospective buyer(s).

Special Assessment - An additional fee charged to an owner of a condo or co-op unit, usually used for the improvement of the facility, i.e. replacing the roof of the building.

Sub-agent - A Realtor® or real estate agent authorized by the listing agent to assist in transacting the affairs of the client with their consent.

Summerlin - The largest, most successful master planned community in Las Vegas.

Supra Key - An electronic keypad key used to open electronic lockboxes housing the key to a listed property.  All listings in the MLS have electronic lockboxes, unless otherwise noted.  Only Realtors® will have access to these properties.

Survey - The measurement of land and any buildings upon it.

Syndicate - An group of individuals formed as a LLC or joint venture for the purpose of owning, operating and managing large pieces of property for the mutual benefit of all.

Real Estate Glossary