Terms with Category Real Estate

  • Caravan Definition,
    • An outing in which a group of real-estate agents look at houses that have been listed for sale recently.
  • Carport (cprt, crprt) Abbreviation,
    • A roofed parking area that lacks one or more walls.
  • Carrying Costs Bank,
    • The cost of maintaining a property.
  • Cash Method Bank,
    • The form of accounting in which you report income in the actual year you receive it and deduct expenses in the year you pay. Most individuals use this method. Under this system, if you built a deck and billed the client in December 1999 but didn't receive the cheque until January 2000, it would be counted as 2000 income, not 1999.
  • Caveat Definition,
    • A charge or instrument placed on land title.
    • To give warning, notice or caution; beware.
  • Certificate of Occupancy (CO) Acronym, Important,
    • Authorization by a local government giving permission for someone to live in or use a building that has just been constructed or renovated.
    Zoning bylaw.
  • Certificate of Sale Definition,
    • An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
  • Certificate of Title Definition,
    • A written document stating that the title to a piece of property is legally vested in the present owner.
  • Chain of Title Definition,
    • Legal records that trace ownership of a property from the most recent owner to the original owner.
  • Change Order Definition,
    • A document defining an alteration of construction plans.
  • Circuit Breaker Definition,
    • An electrical device used to turn power off and on in sectors of a building and to limit the flow of electricity through a circuit for safety purposes.
    • A tax credit that reduces property taxes for the elderly and permanently disabled. The credit is dependent on the amount of income earned which means the more you make, the lower the credit.
  • Classified Property Tax Bank,
    • A local government's levy on real estate that varies depending on the use of the property. Usually, commercial property is taxed more heavily than residential property where a classified property tax exists.
  • Clear Title Definition,
    • Title not burdened by liens or legal questions.
  • Closing Definition,
    • In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
  • Closing Costs Bank,
    • The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
  • Closing Date (cloda) Bank,
    • The date a buyer takes possession of a property title.
  • Cloud on Title Bank,
    • A claim on title to property that could impair the ability to transfer ownership.
  • Cluster Development Definition,
    • A doctrine by which a local government specifies the population density of a planned development, and the developer has the option of making some areas of the development more densely populated than others.
  • Co-housing Definition,
    • Also called cooperative housing and community housing, is an arrangement in which dwelling units have access to a shared space with a large kitchen, dining hall, laundry and children's play areas.
  • Collateral Bank,
    • Any property pledged as security for repayment of a debt.
  • Collusion Bank,
    • A secret, deceitful agreement by two or more parties to defraud others.
  • Commercial Property Bank,
    • A parcel in a district zoned for business.
  • Commission (comm) Bank,
    • An agent's fee for negotiating a real estate or mortgage loan transaction, often expressed as a percentage of the selling price.
    • A fee paid to a salesperson for selling a product to a customer.
  • Commitment Bank,
    • A written agreement from a lender promising to lend money on certain terms for a specified time period.
  • Commitment Letter Definition,
    • A formal offer by a lender which states the terms under which it agrees to lend money to a home buyer. Also known as a "loan commitment." This letter will indicate the contingencies that must be cleared prior to funding the loan.
  • Common Area Assessment Definition,
    • A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs, and improvements to the property's common areas, such as hallways, elevators, parkades, swimming pools, and gym facilities.
  • Common Areas Definition,
    • Areas of a building or land and the amenities owned (or managed) by a planned unit development, or condominium project's homeowners' association, or a cooperative project's cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common hallways of buildings, parkades, means of ingress and egress, etc.
  • Common Interest Development (CID) Acronym,
    • A housing area in which owners belong to a homeowners association that owns and maintains common areas.
  • Common Law Marriage (CLM) Bank,
    • To be recognized as being married without foregoing a matrimonial ceremony.
  • Community Property (CP) Acronym, Important,
    • Possessions, real estate and profits that a husband and wife receive during the marriage, excluding gifts and inheritances. Upon divorce, community property is distributed equally.
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