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by Mark Mathis
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Certificate of Occupancy - A document from an official agency stating that the property meets the requirements of local codes, ordinances, and regulations.
Closing - A meeting to sign documents which transfer property from a seller to a buyer. (Also called settlement)
Closing Costs - Charges paid at settlement for obtaining a mortgage loan and transferring real estate title.
Conditions, Covenants, and Restrictions (CC and Rs) - The standards that define how a property may be used and the protections the developer has made for the benefit of all owners in a subdivision.
Condominium - A home in a multi-unit complex; each purchaser owns an individual unit, and all the purchasers jointly own the common areas, such as the surrounding land, hallways, etc.
Conventional Loan - A mortgage loan not insured by a government agency (such as FHA or VA).
Convertibility - The ability to change a loan from an adjustable rate schedule to a fixed rate schedule.
Cooperative - A form of ownership in a multi-unit complex; the purchasers own shares of the entire complex rather than owning individual units.
Credit Rating - A report ordered by a lender from a credit bureau to determine if the borrower is a good credit risk.
Default - A breach of a mortgage contract (such as not making monthly payments).
Density - The number of homes built on a particular acre of land. Allowable densities are usually determined by local jurisdictions. |
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