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Frequently
Asked Questions
Glossary
of Real Estate Terms
Glossary for "C"
Call option
A clause in a loan agreement that allows a lender to ask for the
balance at any time.
Can
lights
Cylindrical chambers with bulbs recessed into the ceiling.
Cancellation
clause
A clause that details the conditions under which each party may
terminate the agreement.
Cantilever
A projecting structure supported on one end, such as a balcony.
Cap
A limit
on the amount the interest rate or monthly payment can increase
in an adjustable-rate mortgage.
Cape
Cod style
A wood-frame or shingled house with a steep roof and several windows
projecting from the second floor.
Capital
Money used to create income, such as funds invested in rental property.
Capital
expenditure
The cost
of making improvements on a property.
Capital
gains
Profits an investor makes from the sale of real estate or investments.
Capital
gains tax
A tax placed on the profits from the sale of real estate or investments.
Capital
improvement
Any improvement that extends the life or increases the value of
a piece of property.
Capitalization
A mathematical formula that investors use to compute the value of
a property based on net income.
Capitalization
rate
The percentage rate of return estimated from the net income of a
piece of property.
Caravan
A group of real estate agents who tour a house that has been recently
listed for sale.
Carport
A roof that covers a driveway or other parking area.
Casement
window
A window hinged on its sides to allow it to swing open vertically.
Cash
flow
The amount of cash a rental property investor receives after deducting
operating expenses and loan payments from gross income.
Cashier's
check
A check the bank draws on itself rather than on a depositor's account.
Cash-out
refinance
The refinancing
of a mortgage in which the money received from the new loan is greater
than the amount due on the old loan. The borrower can use the extra
funds in any manner.
Cathedral
ceiling
A high open ceiling formed by finishing exposed roof rafters.
Caulk
An acrylic or silicon sealant used to fill cracks, crevices and
holes in a home.
Cavedium
A courtyard or atrium.
Caveat
A formal notice, that asks a court to suspend action until the party
which filed the challenge can be heard.
Caveat
emptor
A legal principle derived from Latin than means "let the buyer
beware."
Ceiling
height
The standard height of a ceiling is eight feet.
Central
air conditioning
A device that generates cold air through an outside unit that is
connected to ductwork inside the house.
Central
business district
The area of a city where most large businesses are located.
Certificate
of Deposit (CD)
A document which shows that the bearer has a specified amount of
money on deposit with a bank, stock-brokerage firm or other financial
institution.
Certificate
of deposit index
An index based on the interest rates on six-month CDs. It used to
determine the interest rate for some adjustable-rate mortgages.
Certificate
of eligibility
A document issued by the Veterans Administration that verifies the
eligibility of a veteran for a loan program.
Certificate
of occupancy
A document which states that a home or other building has met all
building codes and is suitable for habitation.
Certificate
of sale
A document issued at a judicial sale, which entitles the buyer to
receive a deed after court confirmation of the purchase of the property.
Certificate
of title
A written opinion on the status of a piece of property based on
an examination of the public record.
Chain
of title
The official record that details the ownership history of a piece
of property.
Chair
railing
Decorative trim installed on a wall about 32 inches above the floor,
which protects against scuffs from furniture.
Change
order
A modification of the construction contract to authorize a change
in the work, an adjustment in the amount of the contract or a change
in the contract time. The owner, architect and contractor must sign
the change.
Change
frequency
The adjustment schedule on an adjustable-rate mortgage.
Chattel
Personal property such as furniture, clothing or a car.
Chattel
mortgage
A lien on personal property used as collateral for a loan.
Chimney
back
The back wall or lining of a fireplace or furnace chimney.
Chimney
flue
The passage inside a chimney that channels smoke and heat to the
outside.
Chimney
pot
A short pipe at the top of a chimney that increases ventilation
to the fireplace and reduces smoke.
Cinder
block
A block made of ash and cement that is used in construction.
Cinder
fill
Cinders used below a basement or around a foundation to promote
drainage.
Circuit
breaker
An electric fuse that activates or deactivates a circuit.
Cistern
A tank used to store rainwater.
Classified
property tax
A tax that varies in rate depending on the use of the property.
Clear
title
A property that does not have liens, defects or other legal encumbrances.
Closing
The final procedure in which documents are signed and recorded,
and the property is transferred.
Closing
costs
Expenses incidental to the sale of real estate, including loan,
title and appraisal fees.
Closing
statement
A document which details the final financial settlement between
a buyer and seller and the costs paid by each party.
Cloud
on title
An invalid encumbrance on real property.
Cluster
development
A method of squeezing more homes into less space.
Codicil
A change to a will that adds or subtracts provisions or clarifies
portions of the document.
Co-housing
Individual housing units that are clustered around a common building
where residents share cooking and other activities.
Coign
The cornerstone of a building that differs in shape or color from
the rest of the wall.
Co-insurance
Coverage that involves the use of two or more insurers..
Collar
beam
The structural element that connects roof rafters.
Collateral
security
Additional security that a borrower supplies to obtain a loan.
Collection
The series of steps a lender takes to bring a delinquent mortgage
up to date.
Collusion
The action of two or more people to break the law.
Colonia
Unincorporated communities along the U.S.- Mexico border.
Column
A slender upright structure that consists of a base, a round or
square shaft and a capital.
Column
footing
The support base for a load-bearing column. The footing is usually
made of reinforced concrete.
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