Utah Real Estate Terms and Definitions - C

Utah Real Estate Terms | Glossary of Real Estate Terms | Realty Terms for Utah| Property Terms | "C" Terms
Serving Salt Lake City, Park City, Riverton, Orem, Murray, Holladay, South Jordan, West Jordan, Provo, Alpine, Highland.

realestatehomesutah.com masthead

Real Estate Glossary

 

A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-XYZ

 

C

Certificate of TitleA certificate issued by a title company or a written opinion rendered by an attorney that the seller has good marketable and insurable title to the property which he is offering for sale. A certificate of title offers no protection against any hidden defects in the title which an examination of the records could not reveal. The issuer of a certificate of title is liable only for damages due to negligence. The protection offered a homeowner under a certificate of title is not as great as that offered in a title insurance policy.


CLO (Computerized Loan Origination)A computer network of major lenders that allows agents to initiate mortgage applications in their office. HUD has approved the procedure as long as 1) full disclosure is made of the fee; 2) multiple lenders are displayed on the computer screen to give borrowers a basis for comparison; 3) the fee charged is a dollar amount rather than a percentage of the loan.


ClosingThe point at which real estate formally changes ownership. Closing costs are fees paid for services associated with a home's closing such as title insurance, surveying fees, recording fees, deeds, and affidavits.

Closing Costs—The numerous expenses which buyers and sellers normally incur to complete a transaction in the transfer of ownership of real estate. These costs are in addition to price of the property and are items prepaid at the closing day. This is a typical list:


BUYER'S EXPENSES                                SELLER'S EXPENSES
Documentary
Stamps on Notes
Cost of Abstract
Recording Deed and Mortgage
Documentary Stamps on Deed                     Escrow Fees
Appraisal and Inspection                            Attorney's Fee
Recording Mortgage                                   Survey Charge
Real Estate Commission
Escrow Fees
Survey Charge
Attorney's Fee
Title Insurance

The agreement of sale negotiated previously between the buyer and the seller may state in writing who will pay each of the above costs.

 
Closing Day—The day on which the formalities of a real estate sale are concluded. The certificate of title, abstract, and deed are generally prepared for the closing by an attorney and this cost charged to the buyer. The buyer signs the mortgage, and closing costs are paid. The final closing merely confirms the original agreement reached in the agreement of sale.


Cloud (On Title)—An outstanding claim or encumbrance that adversely affects the marketability of title.


Commission—Money paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the sale. Usually it is a percentage of the sale price--6 to 7 percent on houses, 10 percent on land.


Condemnation—The taUtah County of private property for public use by a government unit, against the will of the owner, but with payment of just compensation under the government's power of eminent domain. Condemnation may also be a determination by a governmental agency that a particular building is unsafe or unfit for use.


Condominium (Condo)—Individual ownership of a portion of a building, with common areas shared by all owners. Maintenance fees called "assessments" are paid to the condominium association to maintain, repair, or improve the property. 


Contract of Purchase—(See agreement of sale)


Contractor—In the construction industry, a contractor is one who contracts to erect buildings or portions of them. There are also contractors for each phase of construction: heating, electrical, plumbing, air conditioning, road building, bridge and dam erection, and others.


Conventional Loan—A fixed-rate, fixed term loan that is not insured by the government.

Conventional Mortgage—A mortgage loan not insured by HUD or guaranteed by the Veterans' Administration. It is subject to conditions established by the lending institution and State statutes. The mortgage rates may vary with different institutions and between States. (States have various interest limits.)

 
CMA (Competitive Market Analysis)A method of determining the value of a property by comparing the prices paid for similar properties. Code of Ethics A written standard of ethical conduct embraced by the NATIONAL ASSOCIATION OF REALTORS®, a trade organization of more than 700,000 members representing all branches of the real estate industry. 


Co-operative (Co-op)An arrangement in which a corporation made up of residents owns a building. The buyer owns a proprietary lease, rather than real property, and a corresponding number of shares in the corporation.

Cooperative Housing—An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings. It is operated for their benefit by their elected board of directors. In a cooperative, the corporation or association owns title to the real estate. A resident purchases stock in the corporation which entitles him to occupy a unit in the building or property owned by the cooperative. While the resident does not own his unit, he has an absolute right to occupy his unit for as long as he owns the stock.


Counter OfferA new offer as to price, terms, and conditions, made in response to a prior, unacceptable offer. A counter offer terminates an original offer.

CRS (Certified Residential Specialist)A professional designation aUTrded to experienced agents who complete an advanced course of study in residential real estate and demonstrate proficiency in sales and production. CRS Designees are members of the Residential Sales Council, a not-for-profit affiliate of the NATIONAL ASSOCIATION OF REALTORS®.


 

 

 

 

 

 

 

Equity Real Estate Logo

 

 Barry J. Preusz
REALTOR®, Residential Specialist

1218 East 7800 South
Salt Lake City, Utah 84094

Office: 801-993-0083

 

Click Here to Contact Us

agents
utah real estate






 




Home nav buttonReal Estate | Home Search nav buttonUtah Local Areas nav buttonReal Estate Financing nav buttonReal Estate Glossary of Terms nav buttonReal Estate Resources nav buttonEquity REALTOR Contact

realestatehomesUtah.com     © 2016     All Rights Reserved

Utah Real Estate Terms | Glossary of Real Estate Terms | Realty Terms for Utah | Property Terms | Utah Glossary of Terms | Salt Lake City, Utah

Utah Real Estate Terms. Definitions for common terms used in Utah real estate transactions. Glossary of real estate and property terms used in Salt Lake City, Provo, Park City, Utah.

Serving Alpine, Alta, American Fork, Bluffdale, Bountiful, Cedar Hills, Centerville, Cottonwood Heights, Daybreak, Deer Valley, Draper, Eagle Mountain, Emigration Canyon, Farmington, Heber City, Herriman, Highland, Holladay, Kamas, Kearns, Layton, Lehi, Lindon, Magna, Mapleton, Midvale, Midway, Murray, North Ogden, North Salt Lake, Ogden, Orem, Park City, Payson, Pleasant Grove, Provo, Riverton, Salt Lake City, Salt Lake County, Sandy, Saratoga Springs, Snowbird, South Jordan, South Ogden, South Salt Lake, Spanish Fork, Springville, Sundance, Summit County, Taylorsville, Tooele, West Bountiful, West Jordan, West Valley, Woods Cross, Utah County.