Glossary

S

SALEABLE PROPERTY – Property that can be readily sold; marketable because of location, demand, price or some other desirable factor.

SCHEMATIC – (i) Relating to a scheme, plan or diagram. (ii) An architect’s three-dimensional, detailed drawing.

SCOPE OF WORKS – Pre-contractual drawings and specifications showing what and how an owner wants to build.

SECOND MORTGAGE – A mortgage or charge on real property ranking after a prior mortgage or charge, i.e. after a first mortgage.

SECURITY DEPOSIT – Deposit to assure performance usually of a lease.

SECURITY OF TENURE – One of the advantages of home ownership as compared with renting a house or flat. When the term is used in connection with renting, it means the certain term a person can remain in the rented property.

SELLER’S MARKET – When any community including real estate is in short supply, the seller is in a more commanding position. Within reason, an owner can generally name their price and terms.

SEMI-DETACHED – Party detached. A pair of homes joined together and forming a block by themselves.

SETTLEMENT – This is the final stage of the sale when the purchaser completes the payment of the contract price to the vendor and takes legal possession of the property.

SIMPLE INTEREST – Interest that is computed on the principal amount of a loan only. No amount need be paid for amassing interest, as occurs with a loan containing compound interest.

SIMPLE LISTING – Giving an agency which is not exclusive to one agent. Simple listings can be given to more than one agent at the one time. Also known as open listing. The opposite is an exclusive listing. Exclusive listings can be given to only one agent at a time.

SITE IMPROVEMENTS – These are (i) The reclamation of land by draining, filling, construction of retaining walls and other works appurtenant to the reclamation. (ii) Excavation, grading or levelling of land not being irrigation or conservation works.

SITING – Site planning; placement and orientation of a house or other building on its lot.

SOLE AGENT – An agent appointed upon their own for the sale of, or other dealings with a property. An exclusive listing.

SPECULATOR – One who speculates; that is, one who buys any commodity, including real estate, in the expectancy of selling in a higher market.

STAMP DUTY – State governments impose a stamp duty, or tax, on the purchase of property. The amount of tax payable is calculated as a percentage of the property’s purchase price. Only buyers pay stamp duty.

STRATA TITLE – A building is subdivided and each part or unit in the building is owned separately.

SUB-AGENT – Where an agent employs a person as their sales representative to provide assistance in transacting the affairs of the principal, that person so employed is called a sub-agent. In some States a sub-agent is referred to as a sales representative.

SUB-DIVISION – Literally a division into parts. The term is generally used in the sense of dividing land into building lots. Before the land can be sold, it must be approved by the council, other statutory authorities and the Titles Office, as appropriate.

SUB-LEASE – A lease granted by a lessee of the whole or part of the leasehold property. The length of the sub-lease must be less than the unexpired part of the tenants own lease of the property.

SUB-LESSEE – One who enjoys the benefits, rights and obligations of a sub-lease.

SUB-LET – When a lessee permits another to occupy the property leased, either a sub-lease or under an agreement for tenancy, verbal or written, that person is said to sub-let the property.

SUPERSTRUCTURE – Part of a structure above the ground or above the top of foundation walls.

SURVEY – The measurement of a property to confirm where its boundaries are, and what improvements have been made to it.

SURVEYOR – A person qualified and licensed to practice land surveying.