• Section 1031 Like-Kind Exchange – also known as 1031-exchange, under US tax law, is a transaction (or series of transaction) that allow for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. Applies only to investment properties.
  • Selling Agent – a  broker who represents the Buyer during the purchase and closing process of the home sale.
  • Setbacks or Building lines – distance from the side of the lot beyond witch construction may not extend. The setbacks might be established by building codes, or by zoning codes, or by restrictive covenants in deeds.
  • Settlement Statement – is a document that indicates fees and charges that both the buyer and seller incur during the settlement process of a housing transaction.
  • Sewer Capacity Charges – King County and some parts of Pierce and Snohomish counties charge sewer capacity charges for every home connected to the sewer line in the past 15 years. Helps King County cover the costs of sewer improvements. It’s common for home Buyers to assume sewer capacity charges when purchasing the home.
    For more info go to King County: Sewage treatment capacity charge.
  • Short Sale –  is a home that is available at a purchase price that is less than the amount owed by its current owner. The transaction benefits the bank by allowing it to avoid repossessing the home in foreclosure, which is expensive and time-consuming.
  • Special Assessments – is the term used in the United States to designate a unique charge that government units can assess against real estate parcels for certain public projects. This charge is levied in a specific geographic area. See also HOA Special Assessments
  • Sold Listing – this Listing was sold and the sale transaction is finalized.