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A clause in a mortgage which permits the lending institution to require payment of the exceptional balance at a specific time.

CAP. Related To Adjustable Rate Mortgages. A limit on how high regular monthly payments or just how much rates of interest might alter within a particular time duration or the life of the mortgage.
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CAPE COD COLONIAL. A single-story house design made popular in New England. Often characterized by a steep roofing with gables.

CAPITAL. Accumulated goods and cash which is usually utilized to generate additional income.

CAPITAL INVESTMENT. An outlay of funds developed to improve the income-producing abilities of an asset or to extend its financial life.

CASH-OUT REFINANCE. Refinancing a mortgage at a greater amount than the present balance in order to change a part of the equity into cash.

CAULKING. A flexible product utilized to seal fractures or openings such as around windows.

CAVEAT EMPTOR. Literally translated: "Let the purchaser beware." A common business tenet whereby the buyer is accountable for validating any and all claims by the seller of residential or commercial property.

CERTIFICATE OF DEPOSIT. A document revealing that the bearer has a specific quantity of money, at a specific quantity interest, on deposit with a banks.

CERTIFICATE OF DEPOSIT INDEX. An index based on the rates of interest of six month CD's. Used to set interest rates on some Adjustable Rate Mortgages.

CERTIFICATE OF ELIGIBILITY. A file issued by the Veterans Administration that certifies eligibility for a VA loan.

CERTIFICATE OF OCCUPANCY. Issued by an appropriate jurisdictional entity, this that a building adhere to all structure codes and is safe for use or habitation.

CERTIFICATE OF REASONABLE VALUE (CRV). Usually based upon an independent appraisal, a CRV for a specific residential or commercial property develops the maximum quantity which can be protected by a VA mortgage.

CERTIFICATE OF TITLE. A document designating the legal owner of a parcel of realty. Usually provided by a title or abstract business.

CERTIFIED GENERAL APPRAISER. Generally, any specialist who has actually fulfilled the local or state requirements, and passed the proper certification test, and can assessing any type of residential or commercial property.

CERTIFIED RESIDENTIAL APPRAISER. A sub-classification of appraiser who is just accredited to assess house, normally as much as 4 units.

CHAIN OF TITLE. The total history of ownership of a piece of residential or commercial property.

CHATTEL. Any personal residential or commercial property which is not connected to or an integral part of a residential or commercial property. Chattel is not commonly taken into consideration when appraising the worth of genuine residential or commercial property.

BREAKER. Electrical devices which immediately open electrical circuits if they are overwhelmed.

CLEAR TITLE. Ownership of residential or commercial property that is not encumbered by any counter-claim or lien.

CLOSING. An excruciating procedure designed to induce cramping in a home purchaser's hands by requiring signature on many pieces of paperwork that nobody has actually ever read. Or, the process where the sale of a residential or commercial property is consummated with the buyer finishing all relevant documentation, consisting of signing the mortgage responsibility and paying all proper costs connected with the sale (CLOSING COSTS).

CLOSING COSTS. All proper expenses created by the sale of residential or commercial property which the celebrations need to pay to finish the transaction. Costs may consist of appraisal charges, origination fees, title insurance coverage, taxes and any points worked out in the deal.

CLOSING STATEMENT. The document detailing the final monetary arrangement in between a purchaser and seller and the costs paid by each.

CO-BORROWER. A second person sharing responsibility on the loan and title on the residential or commercial property.

COLLATERAL. An asset which is positioned at risk to protect the repayment of a loan.

COLLECTION. The procedure a lender requires to pursue a customer who is delinquent on his payments in order to bring the mortgage existing once again. Includes paperwork that might be utilized in foreclosure.

CO-MAKER. A 2nd celebration who signs a loan, together with the borrower, and becomes responsible for the debt must the borrower default.

COMMON LAW. Rather than statute law. Laws that have been established by custom-made, use and courts over several years.

COMMISSION. A portion of the prices or a repaired fee negotiated by an agent to make up for the effort expended to offer or acquire residential or commercial property.

COMMON AREA ASSESSMENTS. Fees which are credited the tenets or owners of residential or commercial properties to cover the costs of preserving areas shared with other tenets or owners. Commonly discovered in condominium, PUD or office.

COMMON AREAS. Any areas, such as entryways, foyers, pools, leisure facilities or the like, which are shared by the tenets or owners of residential or commercial property near by. Commonly found in condominium, PUD or workplace spaces.

COMMUNITY RESIDENTIAL OR COMMERCIAL PROPERTY. In many jurisdictions, any residential or commercial property which has actually been obtained by a couple. The ownership of the residential or commercial property is considered equal unless stipulated otherwise by both parties.

COMPARABLES. An abbreviated term used by appraisers to explain residential or commercial properties which are similar in size, condition, area and amenities to a subject residential or commercial property who's value is being figured out. The Uniform Standards of Professional Appraisal Practice (USPAP) develop clear guidelines for determining an equivalent residential or commercial property.

COMPOUND INTEREST. Interest paid on the principal quantity, in addition to any collected interest.

CONCESSIONS. Additional value given by a buyer or seller to lure another celebration to finish an offer.

CONDEMNATION. The main procedure by which a residential or commercial property is considered to be uninhabitable or unusable due to internal damage or other external conditions.

CONDENSATION. The shift of water vapor to liquid. Typically types in areas of high humidity.

CONDOMINIUM. A development where specific units are owned, but typical locations and amenities are shared similarly by all owners.

CONDOMINIUM CONVERSION. Commonly, the conversion of a rental residential or commercial property such as a home complex into a CONDOMINIUM-style complex where each unit is owned rather than rented.

CONDOTEL:. Are Condo-hotels typically situated in touristy locations or buildings consisting of both condominiums and hotel rooms. Condotels usually supply ownership in a vacation-style condos that supply onsite rental management. Often owners of condotels are limited to a certain number of days of use and hence not suitable for main residence.

CONDUIT. The pipe through which electrical circuitry is run.

CONSTRUCTION LOAN. A loan made to a contractor or home owner that finances the preliminary construction of a residential or commercial property, but is replaced by a standard mortgage one the residential or commercial property is finished.

CONTIGUOUS. Connected to or touching along an unbroken border.

CONTINGENCY. Something that needs to occur before something else takes place. Often utilized in property sales when a buyer must offer a present home before acquiring a new one. Or, when a purchaser makes a deal the needs a complete home assessment before it becomes official.

CONTRACT. A legally binding contract, oral or composed, between 2 parties.

CONVENTIONAL MORTGAGE. A standard, realty financing system that is not backed by any federal government or other firm (FHA, VA, and so on).

CONVERTIBLE ARM. A mortgage that begins as and adjustable, that enables the borrower to transform the loan to a set rate within a particular timeframe.

COOPERATIVE (CO-OP). A form of ownership where each citizen of a multiunit residential or commercial property owns a share in a cooperative corporation that owns the structure. With each resident having rights to a particular unit within the structure.

CORPORATE RELOCATION. A circumstance where an individual's employer pays all or some of the expenses related to moving from one area to another, typically over a substantial distance. Relocation expenses often include the quantities, such as brokerage charges, sustained in the selling and buying of the employee's main house.

COST OF FUNDS INDEX (COFI). An index of banks costs used to set rates of interest for some Adjustable Rate Mortgages.

COVENANT. A stipulation in any mortgage that, if not fulfilled, can be cause for the loan provider to foreclose.

CREDIT. A loan of money for the purchase of residential or commercial property, real or individual. Credit is either secured by an asset, such as a home, or unsecured.

CREDIT REPORT. A record of debt payments, past and present. Used by mortgage lenders in figuring out credit worthiness of people.

CREDITOR. An individual to whom money is owed.

CREDIT REPORT. A detailed report of an individuals credit, work and home history prepared by a credit bureau. Used by loan providers to figure out credit value of individuals.

CREDIT REPOSITORY. Large companies that gather and keep monetary and credit info about people who request credit.

CUL-DE-SAC. A dead-end street. One with just one entrance/exit.

DATE OF APPRAISAL. The specific time as of which an appraiser designates the value of a home. Often stated as the date of examination.

DEBT. A commitment to repay some quantity owed. This may or might not be financial.

DEBT EQUITY RATIO. The ratio of the quantity a mortgagor still owes on a residential or commercial property to the amount of equity they have in the home. Equity is determined at the fair-market worth of the home, less any impressive mortgage debt.

DEED. A file indicating the ownership of a residential or commercial property.

DEED-IN-LIEU (OF FORECLOSURE). A document offered by a debtor to a loan provider, moving title of the residential or commercial property. Often used to avoid credit-damaging foreclosure procedures.

DEED OF TRUST A document which moves title in a residential or commercial property to a trustee, who's responsibilities and powers are specified. Often used in mortgage transactions.

DEED OF RECONVEYANCE A file which moves ownership of a residential or commercial property from a Trustee back to a customer who has actually satisfied the obligations of a mortgage.

DEED OF RELEASE A document which dismisses a lien or other claim on a residential or commercial property.

DEED OF SURRENDER A file utilized to surrender any claim an individual has to a residential or commercial property.

DEFAULT. The condition in which a customer has actually failed to meet the obligations of a loan or mortgage.

DELINQUENCY. The state in which an obtain has stopped working to meet payment responsibilities on time.

DEPOSIT. Cash given together with a deal to buy residential or commercial property, Also called EARNEST MONEY.

DEPRECIATION. The natural decrease in residential or commercial property value due to market forces or depletion of resources.
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DETACHED SINGLE-FAMILY HOME. A single structure improvement planned to work as a home for one family.

DISCOUNT POINTS. Points paid in addition to the loan origination cost to get a lower interest rate. One point is equivalent to one percent of the loan quantity.