Glossary of Real Estate Terms (ca-ce)
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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.
Cavedium
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.
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