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- Real Estate Glossary A
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Real Estate Glossary C
Call optionA clause in a loan agreement that allows a lender to ask for the balance at any time. Can lightsCylindrical chambers with bulbs recessed into the ceiling. Cancellation clauseA clause that details the conditions under which each party may terminate the agreement. CantileverA projecting structure supported on one end, such as a balcony. CapA limit on the amount the interest rate or monthly payment can increase in an adjustable-rate mortgage. Cape Cod styleA wood-frame or shingled house with a steep roof and several windows projecting from the second floor. CapitalMoney used to create income, such as funds invested in rental property. Capital expenditureThe cost of making improvements on a property. Capital gainsProfits an investor makes from the sale of real estate or investments. Capital gains taxA tax placed on the profits from the sale of real estate or investments. Capital improvementAny improvement that extends the life or increases the value of a piece of property. CapitalizationA mathematical formula that investors use to compute the value of a property based on net income. Capitalization rateThe percentage rate of return estimated from the net income of a piece of property. CaravanA group of real estate agents who tour a house that has been recently listed for sale. CarportA roof that covers a driveway or other parking area. Casement windowA window hinged on its sides to allow it to swing open vertically. Cash flowThe amount of cash a rental property investor receives after deducting operating expenses and loan payments from gross Cashier's checkA check the bank draws on itself rather than on a depositor's account. Cash-out refinanceThe refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner. Cathedral ceilingA high open ceiling formed by finishing exposed roof rafters. CaulkAn acrylic or silicon sealant used to fill cracks, crevices and holes in a home. CaveatA formal notice, that asks a court to suspend action until the party which filed the challenge can be heard. Caveat emptorA legal principle derived from Latin than means "let the buyer beware." CavediumA courtyard or atrium. Ceiling heightThe standard height of a ceiling is eight feet. Central air conditioningA device that generates cold air through an outside unit that is connected to ductwork inside the house. Central business districtThe area of a city where most large businesses are located. Certificate of Deposit (CD)A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution. Certificate of deposit indexAn index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable-rate Certificate of eligibilityA document issued by the Veterans Administration that verifies the eligibility of a veteran for a loan program. Certificate of occupancyA document which states that a home or other building has met all building codes and is suitable for habitation. Certificate of saleA document issued at a judicial sale, which entitles the buyer to receive a deed after court confirmation of the purchase of the Certificate of titleA written opinion on the status of a piece of property based on an examination of the public record. Chain of titleThe official record that details the ownership history of a piece of property. Chair railingDecorative trim installed on a wall about 32 inches above the floor, which protects against scuffs from furniture. Change frequencyThe adjustment schedule on an adjustable-rate mortgage. Change orderA modification of the construction contract to authorize a change in the work, an adjustment in the amount of the contract or a change in the contract time. The owner, architect and contractor must sign the change. ChattelPersonal property such as furniture, clothing or a car. Chattel mortgageA lien on personal property used as collateral for a loan. Chimney backThe back wall or lining of a fireplace or furnace chimney. Chimney flueThe passage inside a chimney that channels smoke and heat to the outside. Chimney potA short pipe at the top of a chimney that increases ventilation to the fireplace and reduces smoke. Cinder blockA block made of ash and cement that is used in construction. Cinder fillCinders used below a basement or around a foundation to promote drainage. Circuit breakerAn electric fuse that activates or deactivates a circuit. CisternA tank used to store rainwater. Classified property taxA tax that varies in rate depending on the use of the property. Clear titleA property that does not have liens, defects or other legal encumbrances. ClosingThe final procedure in which documents are signed and recorded, and the property is transferred. Closing costsExpenses incidental to the sale of real estate, including loan, title and appraisal fees. Closing statementA document which details the final financial settlement between a buyer and seller and the costs paid by each party. Cloud on titleAn invalid encumbrance on real property. Cluster developmentA method of squeezing more homes into less space. CodicilA change to a will that adds or subtracts provisions or clarifies portions of the document. Co-housingIndividual housing units that are clustered around a common building where residents share cooking and other activities. CoignThe cornerstone of a building that differs in shape or color from the rest of the wall. Co-insuranceCoverage that involves the use of two or more insurers.. Collar beamThe structural element that connects roof rafters. Collateral securityAdditional security that a borrower supplies to obtain a loan. CollectionThe series of steps a lender takes to bring a delinquent mortgage up to date. CollusionThe action of two or more people to break the law. ColoniaUnincorporated communities along the U.S.-Mexico border. ColumnA slender upright structure that consists of a base, a round or square shaft and a capital. Column footingThe support base for a load-bearing column. The footing is usually made of reinforced concrete. Co-makerA person who signs a promissory note with the borrower and assumes responsibility for the loan. Combination doorAn outer door with interchangeable screen and glass panels. Combination windowA window with interchangeable screen and glass panels. Commercial bankA financial institution that provides a broad range of services, from checking and savings accounts to business loans and Commercial propertyAn area that is zoned for businesses. ComminglingThe mixing of money held in trust with other funds. CommissionThe negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller. CommitmentA promise by a lender to make a loan with specific terms for a specified period. Commitment feeThe fee a lender charges for promising to make a loan. Common areaAn area inside a housing development that is owned by all residents. Common lawA body of laws based on custom, usage and rulings by courts in various jurisdictions. Common-area assessmentsFees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve or operate common Common-interest developmentA project composed of individually owned units that share usage and financial responsibility for common areas. Community propertyProperty accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states. Community Reinvestment ActA federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live. CommuteThe distance and time it takes a person to reach the workplace. ComparablesProperties used as comparisons to determine the value of a certain property. Comparative market analysisAn estimate of the value of a property based on an analysis of sales of properties with similar characteristics. CompetentA term for a buyer who is legally fit to enter into a sales contract. Compound interestThe interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan. Concrete tilt-upThe process of pouring concrete into forms on the ground, allowing the forms to harden and then raising the material to a vertical position to form walls. CondemnationThe process the government uses to take private property for public use without the consent of the owner. Conditional commitmentA promise by a lender to make a loan if the borrower meets certain conditions. CondominiumIndividual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents. Condominium conversionThe change in title from a single owner of an entire project or building to multiple owners of individual units. ConduitA metal pipe that houses electrical wiring. Consent judgmentA binding written agreement between two parties to have a judgment entered and recorded. ConservatorA court-appointed guardian. ConsiderationAnything that is legal, has value and induces a person to enter into a contract. Construction budgetThe funding that an owner arranges for the construction of a project. Construction documentsDrawings and specifications from an architect that provide detailed requirements for the construction of a project. Construction loanShort-term loans a lender makes for the construction of homes and buildings. The lender disburses the funds in stages. Construction to permanent loanThe conversion of a construction loan to a longer-term traditional mortgage after construction has been completed. Consumer Credit Counseling Service (CCCS)A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227. Contemporary styleA design that features streamlined shapes, large unadorned windows and industrial materials. Contiguous lotsPieces of property that are adjoined. ContingencyA condition specified in a purchase contract, such as a satisfactory home inspection. Contingency listingA property listing with a special condition attached. Contingent feeA fee that must be paid if a certain event occurs. ContractAn agreement between two or more parties that creates or modifies an existing relationship. Contract for deedA contract in which the seller agrees to defer all or part of the purchase price for a specified period of time. Contract to purchaseA contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale. ContractorThe individual who contracts for the construction of a home or project. Contractual lienA voluntary obligation such as a mortgage or trust deed. Controlled growthAny restrictions imposed on the amount or type of new development in an area. Conventional loanA long-term loan a lender makes for the purchase of a home. Convertible adjustable-rate mortgageA mortgage which starts as an adjustable-rate loan, but allows the borrower to convert the loan to a fixed-rate mortgage during a specified period of time. ConveyanceThe transfer of title of property. Conveyance taxA tax imposed on the transfer of real property. Cooperating brokerA real estate broker who finds a buyer for a property that another broker has listed. Cooperative corporationA business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the Cooperative mortgagesAny loans related to a cooperative residential project. Cooperative projectA project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title. Corner beadA reinforcement placed in the corner where two walls intersect. Corner influenceThe effect on the value of a property because it is situated on a corner or near a corner. CorniceA horizontal molding that projects from the top of a structure or wall. Corporate relocationAn arrangement by which employers pay to transfer and move employees. Corrective workNecessary or desired repairs to remedy problems uncovered by a home or specialized inspection. Co-signerA second party who signs a promissory note and takes responsibility for the debt. Cost-plus contractA construction contract that determines the builder's profit based on a percentage of the cost of labor and materials. CottageA small, one-story house. CounterofferA response to an offer. CovenantA legal assurance or promise in a deed or other document, or implied by the law. Covenants, conditions and restrictions (CC&Rs)Rules and regulations for a development, such as acceptable landscaping or improvements that can be made to individual Craftsman styleAn architectural style that evolved as part of the Arts and Craft movement near the turn of the century. Crawl spaceThe space between the ground and the first floor of a home, usually no higher than four feet. Creative financingInnovative home-financing arrangements that help sell a property. CreditThe money a lender extends to a buyer for a commitment to repay the loan within a certain time frame. Credit historyA record of an individual's current and past debt payments. Credit life insuranceInsurance that pays off a mortgage in the event of the borrower's death. Credit ratingThe degree of credit worthiness assigned to a person based on credit history and financial status. Credit reportA credit bureau report that shows a loan applicant's history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW ). Credit repositoryLarge companies that gather financial and credit information from various sources about individuals who have applied for Credit unionNonprofit cooperative organizations that provide banking and financial services, including mortgages, home improvement loans and home equity loans, to their members. CreditorAn individual or institution to whom a debt is owed. Cross-bridgingThe strengthening of a structure by bracing cross members between beams. Cul de sacA street or alley that is closed at one end. CupolaA dome-like structure that sits on top of a roof. Curable defectA deficiency in a property that is easy or inexpensive to fix, such as chipping paint. Curb appealThe first impression of a house as seen from the street. Curtain wallAn exterior wall that encloses a yard or other area but does not provide any structural support to a home. Custom builderA builder who constructs a home or building based on plans created by the owner. Custom homeA structure designed by an architect hired by the owner.
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