Something which occurs at a later date. It follows a prior occurrence.
Subsequent rate adjustments
The period for rate adjustment on an adjustable rate loan (ARM), after the initial adjustment period. It could differ, in time, from the original duration period.
Subsequent rate cap
Specific limit for the maximum amount the interest rate may increase at each regularly scheduled rate adjustment date, which could differ from the original rate cap.
Subsidiary
(1) Being in a secondary or subordinate relationship. (2) Of lesser importance.
Subsidized housing
Housing whose rental payments are reduced because of aid granted by the government, private enterprises or individuals.
Subsidy
A grant of money made by the government to private enterprise or another government.
Substation
An electrical installation containing power conversion (and sometimes generation) equipment, such as transformers, compensators, and circuit breakers.
Substitution
In valuing real estate, substitution is the principle that the market value of a property can be relatively accurately estimated by determining market value of similar properties in the general vicinity. By substitution, an appraiser can ascertain the market value of a piece of real estate by analyzing the sales prices of comparable units in the neighborhood sold in the recent past.
Substrate
The supporting or underlying material.
Subsurface drain
Underground drain which collects subsurface water and disposes of it at a proper location.
