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. |