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The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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clear titleDefinition
Title not burdened by liens or legal questions.
clear-space clauseDefinition
A clause that requires insured property to be located a minimum distance from surrounding property.
clearing and settlement (C&S)Definition
The process whereby banks collect or pay out for items drawn on or paid into accounts in their institution. This process enables banks to accept each other's cheques and bank drafts for deposit. The Canadian Payments Association operates Canada's clearing system.
client spending account (CSA) — Acronym, Important
Upon reaching a certain funding ratio with a lender, a client spending account may then be used by a mortgage broker to help retain clients.
  ➥  Broker compensation / loyalty program.
client-based banking softwareDefinition
Customers use money management software and their own computers to access the bank using a modem and a phone line.
closed end second (CES) — Acronym
closed mortgageDefinition, Important
Closed mortgages involve a strict repayment schedule of a specific amount with optional limited lump sum payments and payment increases.
closed-account feeDefinition
A fee charged for shutting down an account. Sometimes charged if the account is closed before a certain time period has passed.
closed-end fundDefinition
A mutual fund with shares initially sold to investors through an IPO; afterwards, the fund is listed on a stock exchange to be bought and sold.
closed-end leaseDefinition
The most common type of car lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
closely heldDefinition
Schedule II banks may be closely held, i.e., one party (owner) may hold more than 10% of the outstanding shares. Schedule I banks are prohibited from this type of ownership.
closingDefinition
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 costsDefinition
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)Definition
The date a buyer takes possession of a property title.
clothes washer / clothes dryer (CW/CD) — Acronym
cloud on titleDefinition
A claim on title to property that could impair the ability to transfer ownership.
cluster developmentDefinition
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-branded cardDefinition
A type of affinity card issued through a partnership or alliance between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usually, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affiliated with airlines that offer air miles -- are popular enough to command a hefty annual fee.
co-housingDefinition
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.
co-insuranceDefinition
Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
co-makerDefinition
Any party that co-signs a promissory note. All co-makers assume responsibility for the loan if any of the other co-signers renege.
co-mortgagorDefinition
A party or individual who co-signs for a mortgage loan.
co-signerDefinition
A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
code of ethics (COE) — Acronym
  ➥  Also known as Standards of Practice.
collateralDefinition
Any property pledged as security for repayment of a debt.
collateral source ruleDefinition
In tort law, the collateral source rule states that the tortfeasor (defendant) cannot deduct payments made by other parties to the plaintiff (such as insurance settlements) from what they are required to pay.
collectionDefinition
The efforts used to bring an overdue mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.
collision insuranceDefinition
Auto insurance that provides coverage for damages to the policyholder's vehicle in the event that the policyholder is at fault in a traffic collision.
collusionDefinition
A secret, deceitful agreement by two or more parties to defraud others.
combination accountDefinition
An account that is part savings and part chequing. You may write cheques and you will be paid interest if you have enough money in the account.
Previous Page
Chartered Insurance...Clean Sheeting
 
Currently Displayed — Page 8
Clear Title — Combination Account
  Next Page
Combined Loan-to-ValueCommissioner for Federal...

Search the Glossary

Index for The Letter 'c'

Page 1: Caisse populaire
Canadian Apartment...
Page 2: Canadian Association of...
Canadian Information Centre...
Page 3: Canadian Institute for...
Canadian Securities...
Page 4: Canadian Society of...
Card Identification Number
Page 5: Card Validation Code
Ceding Party
Page 6: Central 1 Credit Union
Chartered Insurance...
Page 7: Chartered Insurance...
Clean Sheeting
Page 8: Clear Title
Combination Account
Page 9: Combined Loan-to-Value
Commissioner for Federal...
Page 10: Commissioners' Reserve...
Comprehensive Insurance
Page 11: Comptroller
Consolidated Credit...
Page 12: Consolidated Net Operating...
Contributory Negligence
Page 13: Controlled Growth
Cost of Insurance
Page 14: Cost of Living Adjustment
Credit Life Insurance
Page 15: Credit Limit
Current Loan-to-Value Ratio
Page 16: Current Market Value
Customer Relationship...

Notable Terms

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