Real Estate

Real Estate Terms to Know

Fri Jun 24, 2011 1:16 pm
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Commitment Fee is a charge made by the lender at the time of a loan application to lock in or guaranty specific terms.

Commitment Letter is an official notification to the borrower which generally specifies the terms of the loan and a date for the closing by the lender or an intent to grant a loan.

Common Area is the entire common interest in a subdivision except for its separately owned interests.

Comparables the properties which are commonly called comps that are used in the appraisal process that have recently sold which have substantially similar/equivalent characteristics and are situated in a similar market as the subject property which are used for value analysis to determine the selling price/s of the subject properties.

Comparative Market Analysis CMA is a comparison of recently sold homes that are substantially equivalent to each other in terms of selling price, location, style and amenities. Also known as a comparative marketing analysis.

Concentric Circle Hypothesis a belief that transportation is the central force in community growth, thus producing the highest land values where mobility is the greatest.

Conforming Loan is a mortgage that is eligible to be purchased by FNMA Federal National Mortgage Association or FHLMC Federal Home Loan Mortgage Corporation.

Construction Loan a loan that is made to finance the actual construction of improvements on land and the funds are usually dispersed in three payments as the construction progresses.

Contingency a contractual clause that calls for an uncertain future event to be done or to occur in order for the contract to be binding.

Contract a written or oral agreement to do or not to do certain obligations which has four essential elements. 1- parties that have the capacity or legal ability to contract 2- consent of the parties 3- consideration and 4- a lawful object. A contract for the sale of real property must also be in writing and be signed by the party or parties who have agreed to perform to be enforceable.

Credit Report an evaluation of a persons history or capacity of debt repayment which is generally available for individuals from one of the three retail credit associations.

Cul-de-Sac a dead end street with a widened circular area at the end enabling a car to make a u-turn.

Customer a third party for whom an agent provides some level of informational service.

Curtesy the right a husband has in his wife's real estate as of her death. 

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