|
|
|
|
Certificate of reasonable value
(for a VA loan).
Certificate of reduction
A document prepared by a lender showing how much an existing loan needs to be repaid.
Certificate of title
An opinion by an attorney as to who owns a parcel land. Torrens certificate that shows ownership as recognized by a court of law.
Cession deed
A deed that conveys street rights to a county or municipality.
Chain
A surveyor's measurement that is 66 feet long.
Chain of title
The linkage of property ownership that connects the present owner to the original source of title.
Characteristics of land
Fixity, immobility, indestructibility, modification, nonhomogeneity, scarcity, and situs.
Characteristics of value
Demand, scarcity, transferability, and utility.
Chattel
An article of personal property.
Chattel mortgage
A pledge of personal property to secure an obligation or debt.
Closing
The act of finalizing a transaction the day on which title is conveyed.
Closing Statement
An accounting of funds to the buyer and the seller at the completion of a Real Estate transaction.
Cloud on the title
Any claim, lien or encumbrance that impairs title to property.
Codicil
A written supplement or amendment to an existing will.
Color of title
Some plausible, but not completely clear-cut indication of ownership rights.
Commingling
The mixing of clients' funds with an agent's personal funds.
Common elements
Those parts of a condominium in which each unit owner holds and undivided interest.
Community property
Property co-ownership wherein husband and wife are treated as equal partners with each owning a one-half interest.
Compatibles
Properties similar to the subject property that are used to estimate the value of the subject property.
Competent parties
Persons considered legally capable of entering into a binding contract.
Competitive market analysis
A method of valuing homes that looks not only at recent home sales but also at homes presently on the market plus homes that were listed but did not sell.
Complainant
A person who brings charges such as against a real estate licensee.
Condemnation proceeding
The legal action in eminent domain.
Condominium
Individual ownership of separate portions of a building plus joint ownership of the common elements.
Connection line
A survey line that connects a surveyor's monument with a permanent reference mark.
Consequential damages
An award to a property owner whose land is not taken but which suffers because of nearby condemnation.
Consideration
Anything of value given to induce another to enter into a contract.
Construction loan
A loan wherein money is advanced as construction takes place (also called an interim loan).
Constructive notice
Notice given by the public records and by visible procession, and the legal presumption that all persons are thereby notified.
Contour lines
Lines on a topographic map that connect points having the same elevation.
Contour map
A map that shows land elevations.
Contract
A legally enforceable agreement to do (or not to do) a particular thing.
Contract for deed
A method of selling and financing property whereby the buyer obtains possession but the seller retains the title.
Contract rent
The amount of rent specified in the lease contract.
Contractual intent
Precludes jokes or jest from becoming valid contracts.
Conventional loans
Real Estate loans that are not insured by the FHA or guaranteed by the VA.
Conveyance tax
A fee or tax on deeds and other documents payable at the time of recordation.
Cooperative
Land and building owned or leased by a corporation which in turn leases space to its shareholders.
Corporation
A business owned by stockholders.
Correction deed
A document used to correct an error in a previously recorded deed.
Correction lines
Survey lines used to correct for the earth's curvature.
Correlation process
A step in an appraisal wherein the appraiser weights the compatibles he is using.
Cost approach
Property valuation based on land value plus current construction cost minus depreciation.
Cost-push inflation
Higher prices due to increased costs of labor and supplies.
Counteroffer
An offer made in response to an offer. |
|
|
|
|
||||||||||||||||||||||||
