Glossary of terms used on this site
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| Term | Definition |
|---|---|
| Cabin |
A small house or cottage, usually constructed out of wood.
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| Cap |
A limit placed on the adjustments in an adjustable rate mortgage to protect the borrower from large increases in the interest rate or the payment level.
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| Capital |
Wealth in the form of money or property owned by a person or business.
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| Capital Gains Tax |
A tax placed on the profits from the sale of real estate or investments.
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| Capitalization Rate (Cap Rate) |
The ratio between the net operating income produced by an asset and its capital cost (the original price paid to buy the asset) or alternatively its current market value.
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| Cash Flow |
The movement of cash into or out of a business, a project, or a financial product. It is usually measured during a specified, finite period of time.
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| Caveat Emptor |
A Latin term meaning "let the buyer beware."
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| Certificate of Occupancy |
Written authorization given by a local municipality that allows a newly completed or substantially completed structure to be inhabited
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| Civil Rights Act |
The Civil Rights Act of 1866 prohibits racial discrimination in the sale and rental of housing.
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| Client |
A buyer or receiver of goods or services
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| Closing |
The specific time and place at which all contracts associated with the equity loan or refinance are signed and notarized.
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| Closing Cost |
The costs associated with the actual transfer of title for money or other consideration.
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| Closing Date |
This is the date that all parties consummate the deal (real estate transaction) and it is usually done by a title company.
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| Clouded Title |
An irregularity or encumbrance that, if valid, would adversely affect or impair the title.
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| Commercial Property |
A property used for business or office purposes intended to operate for profit.
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| Commission |
A fee for services rendered based on a percentage of an amount received or collected.
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| Common Area Maintenance (CAM) |
This is the amount of additional rent charged to the tenant, in addition to the Base Rent, to maintain the common areas of the property shared by the tenants and from which all tenants benefit.
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| Comparables (Comps) |
Properties that are equivalent to a specific piece of real estate, used to help estimate the value of that real estate.
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| Comparative Market Analysis (CMA) |
A study or comparison of recently sold homes, properties that failed to see as well as properties currently on the market, that are substantially equivalent to another home in terms of selling price, location, style and amenities
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| Concessions |
Benefits granted by the landlord or owner to entice a new tenant to lease premises or an existing tenant to remain within their premises. Benefits granted by a seller to entice a buyer.
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| Condominium (Condo) |
A type of housing consisting of a complex of units in which each unit is individually owned
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| Consumer Price Index ("CPI") |
Measures inflation in relation to the change in the price of a fixed market basket of goods and services purchased by a specified population during a "base" period of time.
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| Contingency |
A provision in a contract that requires that a certain act be done or a certain event occur before the contract becomes binding.
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| Conventional Loan |
A loan not insured or guaranteed by a government.
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| Conveyance |
Most commonly refers to the transfer of title to property between parties by deed. The term may also include most of the instruments by which an interest in real estate is created, mortgaged or assigned.
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| Counter Offer |
A new offer made in response to an offer received on a property.
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| Credit Report |
An evaluation of a person’s history or capacity of debt repayment.
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| Curb Appeal |
The attractiveness of a property’s exterior when viewed from the street. The first impression a property makes.
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