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Real Estate Words Glossary Archive


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.


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.


Collateral

Something of value given or pledged to a lender as security for the repayment of a loan.


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.


Capital gain

Profit earned from the sale of an asset.


Cancellation clause

Stipulation in a contract that allows a buyer or seller to cancel the contract in the event of a certain specified occurrence.


Bylaws

Rules and regulations that govern how a homeowners' association will be run.


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.