Cap
A limit on the total amount an
interest rate
can be increased. (See
Adjustable Rate Mortgage.) |
Closing
The final
settlement at which time the
title is
transferred from seller to buyer, accounts are settled,
new mortgages signed and all fess and expenses dispersed
or satisfied. (See Settlement.) |
Closing Costs
All fees, taxes, charges, commissions and all other
costs paid by buyer and/or seller at the closing. |
Commission
A previously agreed upon percentage of the home's sale
price paid to the listing and selling
agent(s). |
Comparables
Closely similar properties in type, size and price
that have changed hands within recent months, used in
comparison in the
appraisal report. |
Condominium
Real estate ownership in which a property has title to
a specific unit, but shared interest in the common areas. |
Conventional Mortgage
Most popular home financing form not insured by FHA or
guaranteed by VA. Available from many lenders by varying
rates, terms and conditions. |
Conversion
Clause
Clause in an
Adjustable Rate Mortgage permitting
conversion from an adjustable to a fixed-rate loan. |
Cooperative (Co-op)
Real estate ownership in which all property owners
(shareholders) own the entire property and each
shareholder has proprietary rights to specific units. |
Counter Offer
An
offer made by a buyer or seller to the other party,
responding to the
asking price or a subsequent adjustment
to that price to complete a purchase or sale. |
Curb Appeal
A term used by realtors including all that a buyer
sees from the street that may induce the buyer to look
more closely at the property. |
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