Canceled Listing or Withdrawn Listing – a property for sale was withdrawn from the realty market. This might be for variety of reasons – the seller may have decided they want to stay put.
CC&Rs — see Covenants, Conditions & Restrictions (CC&Rs)
CD – see Closing Disclosure
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:
Closed or Sold – the property is SOLD and no longer available for sale.
Closing Day – the day when the transaction is closed.
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.
CMA – see Comparable Market Analysis (CMA)
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 – the owner of the condo owns the unit, and has the right to the common areas. Common areas are owned by the condominium association. Usually the Homeowners Association (HOA) that maintains the building, common areas, pays property taxes and property insurance, and maintains reserves for improvements.
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.
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.
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 through the seller maintains the legal right to the property until the final payment is made.
Counter – see Counter Offer
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.
