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 Title—A
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.
Closing—The
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 Offer—A
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®.
