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Real Estate Glossary
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C Terms :
Certificate of Occupancy

Certificate of Occupancy.
Certificate of Title
A description of a property with the name of the registered owner, encumbrances, i.e. mortgages or easements on the property. It must be produced by the vendor before the sale of the property.
Chattels
Movable items of personal property such as furniture that may be included in a sale.
Clear Title
A title that is free of lien or legal questions as to ownership of the property.
Collateral
An asset (such as a car or a home) that guarantees the repayment of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract.
Commercial Bank
A financial institution authorized to provide a variety of financial services, including consumer and business loans (generally short-term with full recourse to the Borrower). Commercial banks may be members of the Federal Reserve System. 
Commission
A proportion (usually a percentage) of the sale price of a property paid to a real estate agent for negotiating a real estate transaction.
Common Law
An unwritten body of law based on general custom in England and used to an extent in Australia.
Common Law Title
See Old System Title.
Common Price Index
Measures inflation in relation to the change in the price of a fixed market basket of goods and services purchased by a specified population during a "base" period of time.
Common Property
Areas of a building, land or amenities within a strata title property that are shared by all owners, e.g. a driveway.
Company Title
See Stratum Title.
Condominium
A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.
Conduit
An entity which issues mortgage- backed securities backed by mortgages which were originated by other lenders.
Construction Loan
Also called Building Loan. A short-term, interim loan (only paid to registered builders) for financing the cost of construction. The lender makes payments to the builder at periodic intervals as work progresses.
Contiguous Space
(1) Multiple suites/spaces within the same building and on the same floor which can be combined and rented to a single tenant. (2) A block of space located on multiple adjoining floors in a building.
Contingency
A condition that must be met before a contract is legally binding.

Contract Note

 

(Victoria only) An agreement in writing setting out the terms and conditions relating to the sale or purchase of a property.
Contract of Sale
An agreement in writing setting out the terms and conditions relating to the sale or purchase of a property. It is the purchase document signed at auction.
Cooling-off Period
The legal entitlement of a property purchaser to withdraw from a contract by giving written notice within three clear business days after the Contract of Sale or Contract Note is signed. However, there are some circumstances where the cooling-off period.
Cooperative
A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
Cost approach
A method of appraising real property whereby the replacement cost of a structure is calculated using current costs of construction.
cost of Fund Index
One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans, in the 11th District of the Federal Home Loan Bank.
Covenant
Terms, conditions and restrictions noted on the title. A covenant may affect future plans or resale of the property.
Cover Note
A document issued by an insurance company giving temporary insurance until a formal policy is issued.
Credit History
A record of an individuals current and repaid debts which is usually used by a lender to assess the risk of a potential borrower.
Cul-de-Sac
Also called a 'Court' or 'Dead End Street'. A street with only one entrance, the other end being closed. Often valued for the privacy provided to homes in the street.


 


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