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Real Estate Dictionary
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sale price

The amount of money that is paid by the buyer to the seller for a particular property. Also known as purchase price.

sale-leaseback/sale and leaseback

A sale in which the seller then leases back the property from the buyer for a long period; that is, he or she becomes the new owner’s tenant. The lease follows the sale, but both are part of the same transaction. This is a way for a seller to remove the equity from a property and use it for other purposes but continue to enjoy the benefits of occupation.

sales associate/salesperson

A real estate professional who is employed by and works under a real estate broker.

sales contract

see agreement of sale.

sales-assessment ratio

The ratio of the assessed value of a property to its actual selling price, which is assumed to be the market value. For example, if a house were assessed at $160,000 and then sold for $200,000, it would have sold at 125 percent of its assessed value, and the market value of the house would then be $200,000 rather than $160,000.

sales-comparison approach

In appraisal, estimating the value of a property by comparing it with similar properties that have recently been sold.

sandwich lease

A slang term for sublease.

satisfaction/satisfaction of mortgage

Written verification from a lender that a property loan (i.e., a mortgage) has been paid in full and the borrower is released from any further obligation to the lender.

save-harmless clause

see hold-harmless clause.

savings and loan association (S&L)

An association that is chartered to hold savings and make real estate loans. These institutions are federally insured, and are a common and important source of mortgage loans in the United States.
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