Career Resource Center Archive


Closing statement

Tuesday, December 11th, 2007
Written account of all expenses, adjustments, and disbursements received by the buyer and seller when completing a real estate transaction.


Closing costs

Tuesday, December 11th, 2007
Expenses over and above the price of property that must be paid by buyers and sellers before title is transferred. Also known as settlement costs.


Close

Tuesday, December 11th, 2007
Act of finalizing a transaction in which all the concerned parties meet to transfer title to a property. Also, when real estate formally changes ownership.


CC&Rs

Tuesday, December 11th, 2007
Stands for covenants, conditions and restrictions. They are the rules by which a property owner in a condominium agrees to abide.


Caveat emptor

Tuesday, December 11th, 2007
Latin for "Let the buyer beware." Under this legal phrase, the buyer is expected to judge and evaluate property carefully before buying, or purchase at their own risk.


Capital gain

Tuesday, December 11th, 2007
Profit earned from the sale of an asset.


Cancellation clause

Tuesday, December 11th, 2007
Stipulation in a contract that allows a buyer or seller to cancel the contract in the event of a certain specified occurrence.


Bylaws

Tuesday, December 11th, 2007
Rules and regulations that govern how a homeowners' association will be run.


Buyer’s market

Tuesday, December 11th, 2007
Describes an excess supply of homes for sale, in which there are few buyers and many sellers. In such a market, the buyer can typically negotiate more favorable prices and terms.


Buy-down

Tuesday, December 11th, 2007
Cash payment to a lender to reduce the interest rate a borrower must pay on a new mortgage loan. Commonly used by builders to sell new homes.


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