Terms with Category Real Estate

  • Comparables Definition,
    • Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
  • Comparative Market Analysis (CMA) Acronym, Important,
    • A method of estimating a property's value by comparing the sales prices of similar properties that have sold recently.
  • Condemnation Definition,
    • The act of condemning (as land forfeited for public use) or judging by a government to be unfit for use.
  • Conditional Sale (C/S) Acronym,
    • An agreement between the buyer and seller in where certain conditions must be met before the property sale can be finalized.
  • Condominium (condo) Abbreviation,
    • A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
    • A condominium is an apartment building or townhouse complex where the structure and living areas are managed and owned, rather than rented, by the building's tenants.
  • Condominium Conversion Definition,
    • When an existing building such as a rental project changes to the condominium form of ownership.
  • Condominium Fees Definition,
    • Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
  • Construction Budget Definition,
    • Money that the builder sets aside for building a structure.
  • Construction Loan Bank,
    • A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
  • Construction to Permanent Loan Bank,
    • A loan that finances the construction, then for a long-term, traditional mortgage, as distinct from a construction loan followed by a separate mortgage loan.
  • Contiguous Lots Definition,
    • Pieces of real estate that are next to each other.
  • Contingency Definition,
    • A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Contract For Deed (CFD) Acronym,
    • An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
  • Contract Holder Bank,
    • The entity that holds the rights to a obligation or debt.
  • Contract to Purchase Definition,
    • A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
  • Contractor Definition,
    • Someone that agrees to furnish materials or perform services at a specified price.
    • One who constructs or oversees construction of a house or a large renovation.
  • Contractual Lien Bank,
    • A legal claim against property as a result of a voluntary contract, such as a mortgage.
  • Contributing Property Definition,
    • Buildings within a historic district are either contributing or non-contributing properties with regards to historic value.
  • Controlled Growth Definition,
    • A set of restrictions set by local government that governs the amount, type and density of new construction.
  • Conveyance Definition,
    • A document that transfers a property title.
    • To move something.
  • Conveyance Tax Definition,
    • A tax on the transfer of real property.
  • Cooperating Broker Definition,
    • A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
  • Cooperative Definition,
    • A residential project owned by a cooperative corporation. Residents own shares in the cooperation, which in turn gives them the right to live in the project.
  • Corrective Work Definition,
    • Repairs or maintenance that a buyer requests be done on a house before closing.
  • Cost-plus Contract Definition,
    • An agreement in which a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.
  • Counteroffer Bank,
    • Rejection of a purchase offer by submission of another offer with different terms (such as price or closing date). A step in the negotiating process.
  • Covenant Definition,
    • A promise made in a contract or property deed.
  • Covenantor Bank,
    • A person who promises to be responsible for the repayment of a loan.
  • Credit Repository Bank,
    • Another term for a credit bureau.
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