HomeReal Estate Glossary

Glossary of terms used on this site

There are 202 entries in this glossary.
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Term Definition
Cancellation clause

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

Capital gain

Profit earned from the sale of an asset.

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.

CC&Rs

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

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

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.

Closing statement

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

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.

Collateral

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

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.

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.

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.

Comparables

Properties similar to a specific piece of property that are used to help estimate the value of that property.

Competitive market analysis

A method of determining home value that looks at recent home sales, homes presently on the market, and homes that were listed but did not sell.

Condominium

Type of housing where buyers own their units outright, plus an undivided share, or joint ownership, in the common elements of the building or community.

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