Real Estate Glossary
From 'Abstract of Title' to 'Walk-up', the arcana of real estate explained.
Browse alphabetically by choosing a letter from the list below.
| S |
| Term | Description | | Security Deposit: | A rental tenant will put down a security deposit on an apartment so that the owner of the apartment has security against any potential damages in the apartment during the term of tenancy. This security deposit is not in lieu of a tenant paying his/her last month's rent. | | Service Entrance: | This term refers to a second entrance to a kitchen from the common hallway or a rear or private smaller hallway. This entrance is basically used for deliveries and as a means of egress for the servants of the house. | | Service Level: | When one refers to a buildings service level, one is referring to the level of the front-door service available in a particular building. | | Short-Term: | Many apartments are available on a short-term basis ranging from 1-6 months. These apartments are typically furnished and offer the tenant a less expensive alternative to weekly hotel bills. These apartments are typically not subject to New York City Hotel taxes and average out to be far less expensive on a per diem basis. | | Square Footage: | When referencing square footage in the Manhattan residential marketplace, the term can mean almost anything. Measurements are usually approximate and most often done by the subjective eye of the real estate broker or the apartment owner. Brokers should always use the term approximate when describing the square footage of an apartment. In the sale of condominium units, square footage is measurements are fairly accurate because people refer to the condominium offering books where by law these measurements need to accurately reflect the square footage of the units. |
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