Glossary of Real Estate Terms (co-co)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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.
  

Co-maker

• A person who signs a promissory note with the borrower and assumes responsibility for the loan.
  

Combination door

• An outer door with interchangeable screen and glass panels.
  

Combination window

• A window with interchangeable screen and glass panels.
  

Commercial bank

• A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards.
  

Commercial property

• An area that is zoned for businesses.
  

Commingling

• The mixing of money held in trust with other funds.
  

Commission

• The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.
  

Commitment

• A promise by a lender to make a loan with specific terms for a specified period.
  

Commitment fee

• The fee a lender charges for promising to make a loan.
  

Common area

• An area inside a housing development that is owned by all residents.
  

Common-area assessments

• Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve or operate common areas.
  

Common-interest development

• A project composed of individually owned units that share usage and financial responsibility for common areas.
  

Common law

• A body of laws based on custom, usage and rulings by courts in various jurisdictions.
  

Community property

• Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.
  

Community Reinvestment Act

• A federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live.
  

Commute

• The distance and time it takes a person to reach the workplace.
  

Comparables

• Properties used as comparisons to determine the value of a certain property.
  

Comparative market analysis (CMA)

• An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.
  

Competent

• A term for a buyer who is legally fit to enter into a sales contract.
  

Compound interest

• The interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan.
  

Concrete tilt-up

• The process of pouring concrete into forms on the ground, allowing the forms to harden and then raising the material to a vertical position to form walls.
  

Condemnation

• The process the government uses to take private property for public use without the consent of the owner.
  

Conditional commitment

• A promise by a lender to make a loan if the borrower meets certain conditions.
  

Condominium

• Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
  

Condominium conversion

• The change in title from a single owner of an entire project or building to multiple owners of individual units.
  

Conduit

• A metal pipe that houses electrical wiring.
  

Consent judgment

• A binding written agreement between two parties to have a judgment entered and recorded.
  

To page 4 of C (co-co) >>> To page 5 of C (co-cr) >>>

To page 6 of C (cr-cu) >>>