Common elements
Parts of a condominium, cooperative, or private home association shared by all residents, so that each unit owner holds an undivided interest in, for example, the hallways, parking facilities, or swimming pool.
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Real Estate Words Glossary Archive
Commission
Payment, or brokerage fees, given by the seller of a property to a real estate agent for services rendered. Usually paid at the closing.
Commingle funds
Mixing of a clients' funds, or escrow, with an agent's personal funds in an account; considered to be grounds for the suspension or revocation of the broker's real estate license.
Cloud on title
Defect in the title that impairs the owner's ability to market the property. This might be a lien, claim, judgment, or encumbrance.
Closing statement
Written account of all expenses, adjustments, and disbursements received by the buyer and seller when completing a real estate transaction.
Closing costs
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
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
Stands for covenants, conditions and restrictions. They are the rules by which a property owner in a condominium agrees to abide.
Caveat emptor
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.
Cancellation clause
Stipulation in a contract that allows a buyer or seller to cancel the contract in the event of a certain specified occurrence.
Buyer’s market
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
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.
