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Real Estate Glossary of Terms

Begins with Contains Exactly matches

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Term Definition
Call OptionA clause in a loan agreement that allows a lender to ask for the balance at any time.
Cancellation ClauseA contract provision that gives the right to terminate the obligations upon the occurrence of specified conditions or events.
CapA provision of an adjustable-rate mortgage (ARM) that limits how much the interest rate or loan payments may increase or decrease. In upward rate markets, it protects the borrower from large increases in the interest rate or monthly payment. See lifetime payment cap, lifetime rate cap, periodic payment cap, and periodic rate cap.
Capital(1) money used to create income, either as an investment in a business or an income property. (2) the money or property comprising the wealth owned or used by a person or business enterprise. (3) the accumulated wealth of a person or business. (4) the net worth of a business represented by the amount by which its assets exceed liabilities.
Capital ExpenditureAn improvement, such as replacing the roof, that will extend the useful life or increase the value of a property.
Capital ImprovementsExpenditures that stop deterioration of propert or add new improvements and appreciably prolong its life. (See Capital Expenditure).
Capitalization Rate (Cap Rate)Process of determining the present value of rights to future income; divide net operating income by sales value.
Carrying ChargesExpenses necessary for holding property such as taxes and interest on idle property or property under construction.
Cash FlowSum of cash receipts less cash payments made during a period.
Cash OutCash given to the borrower from the proceeds of a loan. While relatively common as part of a refinance, it is uncommon, but not impossible, as a benefit of a small percentage of non-conforming loans used for a purchase.
Cash-on-Cash ReturnRate of return on an investment measured by the cash returned to the investor, exclusive of income tax savings.
Caveat Emptor"Let the buyer beware." The buyer purchases a product or service as is and at his own risk.
Certificate of InsuranceDocument issued by an insurance company to verify the coverage.
Certificate of OccupancyWritten authorization issued by a local government or agency permitting the structure to be occupied by members of the public.
Chain of TitleRecorded history of conveyances of a property's title and encumbrances affecting title.
Clear TitleMarketable title; one free of clouds and disputed interests.
ClosingThe formal meeting where loan documents are signed and funds disbursed. Note, however, that Federal law requires that funds not be disbursed for three business days on certain loans where personal residences serve as the security. (See definition of "recission" below.)
Closing CostsThe expenses which borrowers incur to complete the loan transaction. These costs may include title searches, title insurance, closing fees, recording fees, processing fees and other charges.
Closing DateThe date on which the seller delivers the deed and the buyer pays for the property.
Closing StatementAccounting of funds from a real estate transaction usually prepared by an escrow officer, broker or attorney; also called a settlement statement.
Cloud on TitleAn outstanding claim or encumbrance that, if valid, would affect or impair the owner's title.
CollateralProperty pledged as security for a debt.
Collectors DeedIf the Property has not been redeemed during the one-year redemption period, the holder of the Certificate of Purchase may apply for and receive a Collectors Deed to the property
CommitmentThe notification that a lender has approved a loan. Virtually all commitments are issued conditionally; that is, subject to some list of conditions that must be satisfied prior to funding actually taking place. Typical conditions include appraisals of a certain value, clean title, verification of representations by the borrower, etc.
Comparables (Comps)Appraisal method for determining a property's fair market value based on valuations of comparable property.
Conditions, Covenants, and Restrictions promises written into deeds and other instruments agreeing to performance or nonperformance of certain acts, or requiring or prohibiting certain uses of the property.
Conforming LoanA loan which has underwriting criteria consistent with (i.e., conforming to) those strict guidelines of Fannie Mae, Freddie Mac, FHA or VA. These are typically the lowest interest rate loans with very good terms. (See definitions of "Fannie Mae", "Freddie Mac", "FHA", "VA" and "underwriting" below.).
ConsiderationAnything of value given to induce entering into a contract.
ContiguousActually touching; having a common boundary.
ContingencyContract provision that requires that a certain condition occur before the contract becomes binding.
ContractAgreement between two or more persons that is enforceable by the courts.
Conventional LoanA conforming loan with no government guarantee; that is, a Fannie Mae or Freddie Mac loan. (See definition of "conforming loan" above.).
ConversionProcess of changing property to a different use or form of ownership.
ConveyanceTransfer of title to real property through a written instrument such as a deed of trust.
Cooperative (co-op)A form of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
CounterofferRejection of an offer with a simultaneous substitute offer.
Creative FinancingMethod of financing property through other than traditional real estate lending.

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