Real Estate Terms Glossary: C

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Caveat Emptor
Latin meaning "let the buyer beware"; applies to "sales talk" and not to statements of material facts.

Chain Of Title
The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title.

Chattel
Personal property which is tangible and moveable.

Civil Rights Act Of 1866
A federal law that prohibits all discrimination on the basis of race.

Clear Title
Title to a property that is "clear" of any liens or other legal issues about ownership.

Client
A person in a real estate transaction that employs another to advise, represent, or provide professional services.

Closing
The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price.

Closing Cost
Expenses incurred in the closing of a real estate or mortgage transaction.

Cloud On The Title
Any encumbrance, claim, or lien that may affect title to real estate; usually revealed by a title search. A cloud can be removed through a suit to quiet title or by quitclaim deed.

Code Of Ethics
A written system of standards of ethical conduct. The Code of Ethics of the National Association of REALTORS®, first written in 1913, establishes the high standards of conduct for members of the Realtor community.

Collateral
Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated.

Commercial Property
A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses.

Commission
The compensation paid to a real estate broker (usually by the seller) for services rendered in connection with the sale or exchange of real property.

Community Property
A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage.

Comparables
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

Comparative Market Analysis (CMA)
A way to determine a property's value by comparing it to similar; recently sold properties. Method of valuing homes using study or comparables, property that failed to sell, and other property currently on the market.

Competitive Market Analysis
A shorter version of a Comparative Market Analysis (CMA) wherein, typically, a real estate agent compares the subject property only to currently listed properties rather than including references to recently sold and expired properties.

Condominium
A housing arrangement where the homeowner owns the interior walls of his or her personal living space and a percentage of the common areas.

Confidentiality
The duty of agents not to disclose any information about their clients.

Contingency Clause
A clause in a contract that specified either a condition precedent which must first occur to cause the obligations in a contract to become enforceable or a condition subsequent which acts to extinguish already enforceable obligations if it occurs; for example, a financing contingency.

Conventional Mortgage
Any mortgage that is not insured or guaranteed by the federal government.

Conveyance
The transfer of title to real estate property by means of a written instrument such as a deed or an assignment of lease.

Cooling-Off Period
A three-day right of rescission for certain loan transaction.

Cooperative
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.

Cosigner
Someone with better credit (usually a close relative) who agrees to sign your loan if you do no have good enough credit to qualify for a mortgage. The cosigner is equally responsible for repayment of the loan. (Even if you don't pay it back, the cosigner can be held liable for the entire balance).

Counter-Offer
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

CRS
Certified Residential Specialist is someone who has undergone a rigorous, specialized course of detailed training aimed at making residential transactions as smooth and worry-free as possible.

CRV
Certificate of Reasonable Value. A document issued by the Veterans Administration establishing what the VA feels is the property's maximum value. In some cases, if you may pay more than this amount for the property, you will not qualify for the VA loan.

Cul De Sac
A street which is open at one end only, and which usually has a circular turnaround; a blind alley.

Curable Depreciation
When the cost of repairs do not outweigh the contribution to value resulting from making such repairs.

Curb Appeal
Common term for everything prospective buyers can see from the street that might make them want to take a closer look at a house for sale.

Customer
Typically, the buyer, as opposed to the principal (seller).

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