REAL ESTATE DICTIONARY… C

Canceled Listing or Withdrawn Listing – a property for sale was withdrawn from the realty market. This might be for a variety of reasons – the seller may have decided they want to stay put.

Clean Title – for a real estate transaction to close, the property title must be clean – free of liens, back taxes, or other claims.

Closing – At closing, the buyer signs mortgage documents and pays all closing costs. The seller signs the deed. Both parties sign the closing statement, which is an accounting of funds credited to buyer and seller.

Closing Costs – buyer and seller expense to complete the transactions and transfer the ownership of the property. Closing Costs are based on the sale price and are paid at closing, include but not limited to:

Closing Disclosure (CD) – must be provided to consumers three business days before the closing of the loan, it includes details of the Closing Costs Associated with the mortgage transaction.

Comparable Market Analysis (CMA) – is an evaluation of home value based on similar, recently sold homes (called Comps) in the area. CMA is not an appraisal, which is performed by a licensed appraisal.

Comps – short for “comparables”, it refers to homes located in the same area and very similar in size, condition and features as the home you are trying to buy or sell.

Condemnation – under the government’s power of eminent domain, the private property can be taken for public use, but with payment or just compensation.

Condominium or Condo – A condominium, often referred to as a condo, is a type of housing arrangement in which individual units within a larger property are owned by individuals. Condo owners have exclusive ownership and rights to their individual units while sharing joint ownership and access to common areas and facilities, such as hallways, elevators, and recreational spaces. Condominiums are typically managed by a homeowner’s association (HOA), which oversees the maintenance, security, and overall well-being of the shared spaces. Each condo owner is a member of the HOA and contributes to its maintenance through regular fees.

Conventional Loan – a conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity. Instead, conventional mortgages are available through private lenders, such as banks, credit unions and mortgage companies.

Confirming Mortgage Loan – a confirming mortgage is one whose terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac; one is the dollar limit set by FHA. Why confirming loans are conventional loans, not all conventional loans are confirming loans.

Contingency — A contingency refers to a condition or event that must occur before a contract becomes binding or before a particular action is taken. It is a provision that allows a party to back out of a deal or modify the terms if the specified conditions are not met. Contingencies are commonly included in contracts to protect parties from unforeseen circumstances or risks.

Contingent – a contingent status means that the seller accepted an offer and is under contract. But the sale is subject to certain conditions (contingencies). Example of contingencies: home inspection, appraisal, buyer’s financing, resale certificate review, etc.

Contract to Deed — a contract that allows the buyer to take possession of the property in exchange for monthly payments until the balance is paid off, even though the seller maintains the legal right to the property until the final payment is made.

Counter or Counter Offer – A counter offer is an offer given in response to a proposal that implies a rejection of the original offer. It turns the tables – now it is the original party who now has three options. The seller/buyer faced with a counter offer can 1) accept it, 2) issue another counter-proposal, or 3) reject it.

Covenants, Conditions & Restrictions (CC&Rs) – are limits and rules placed on a group of homes or condominium complex by a builder, developer, neighborhood association, or homeowners association.