Sunday, August 7, 2011

Real Estate Vocabulary - C

The Real Estate vocabulary continues!

Called Loan - A loan that is due and payable at the demand of the lender usually as a result of an acceleration or alienation clause becoming effective.

Cancellation Clause - A provision in a contract that gives a party the right to terminate his or her obligations upon the occurrence of specified conditions or events.

Capital Appreciation - The appreciation accruing to the benefit of the capital improvement to real estate.

Certificate of Occupancy - (COO) A document issued by a local government to a developer or in some cases others which permits a structure to be occupied by the general public and generally indicates that the building is in compliance with public health and building codes.

Certified General Appraiser -Generally any professional who has met the local or state requirements and passed the appropriate certification exam and is capable of appraising any type of property.

Class of Property - A subjective division of buildings as to their desirability to tenants and investors which is based on age location construction quality attractiveness of style level of maintenance etc.

Closing Costs - The miscellaneous expenses buyers and sellers normally incur at settlement in the transfer of ownership of real property over and above the cost of the property such as recording fees attorney fees title insurance premium etc. Closing costs which may consist of title insurance costs lender attorney fees appraisal fees and more can add thousands of dollars to your borrowing costs.

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Source: RealEstateWords

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