Real Estate Terms And It's Meaning (C)

Neeta Shah

http://aasharealtor.blogspot.com

Capital

Money used to create income, either as an investment in a business or

 an income property 

The money or property comprising the wealth owned or used by a

 person or business. 

The accumulated wealth of a person or business. 

The net worth of a business represented by the amount its assets

 exceed its.

Capital Expenditure

The cost of an improvement made to extend the useful life of a 

property or added to its value.

Capital Gain

The gain on the sale of a capital asset.

Capital Improvement

Any structure or addition to a property erected as a permanent 

improvement that adds to its value and useful life.

Cash Flow

A measure of cash inflow and outflow from the business. Positive cash 

flow means more money is coming into the business than is leaving it.

 Negative cash flow is the converse.

Cash-out refinance

A refinance transaction in which the amount of money received from

 the new loan exceeds the total of the money needed to repay the 

existing first mortgage, closing costs, points and the amount required

 to satisfy any outstanding subordinate mortgage liens,. In other

 words a refinance transaction in which the borrower receives 

additional cash that can be used for any purpose.

Caveat

A warning on a title to a purchaser that a third party might have some 

interest or right in the property.

Caveat Emptor

A Latin phrase for “Let the buyer beware”, i.e.: the onus is on the 

buyer to be satisfied with any item before purchasing.

Certificated Salesperson

All Salespeople in real estate who have not qualified by exam to be an 

Associate (AREINZ), who are employed by a licensed Real Estate 

Agent.

Certificate of Occupancy

A document issued by a local government to a developer permitting 

the structure to be occupied. This generally indicates that the 

building is in compliance with public health and building codes.

Certificate of Title

A description of a property with the name of the registered owner

,encumbrances, i.e.: mortgages or easements on the property. It must 

be produced by the vendor before the sale of the property.

Chattels

Moveable and removable items of personal property. In real estate 

transactions, chattels included in the sale usually include the stove, 

television aerial, carpets, blinds, curtains, drapes and light fittings.

 However, unless chattels are specified in the agreement, they are not 

sold as part of the property.

Clear Title

A title that is free of or legal questions as to ownership of the 

property.

Collateral

An asset (such as a car or a home) that guarantees the repayment of a 

loan. The borrower risks losing the asset if the loan is not repaid 

according to the terms of the loan contract.

Commission

A proportion (usually a percentage) of the sale price of a property 

paid to a real estate agent for negotiating a real estate transaction.

Common Law

An unwritten body of law based on general custom in England and used

 to an extent in Australia.

Common Property

Area of building, land or amenities within a strata title property that

 are shared by all owners, eg: a driveway.

Company Title

A company owner has a certificate of title and the owner automatically 

becomes a member of a company that administers, manages and 

maintains the property in which the owner’s flat is registered. The

 Directors of that company are elected each year at the Annual 

General Meeting from owners involved only with that company, i.e. 

owners in that block.

Conditional Agreement

This is a legally binding contract, but it is subject to conditions being 

satisfied, usually by the purchaser. The conditions will be detailed in 

the agreement and may, for example, require that you are able to sell 

your existing home by a set date or to arrange finance by a certain

date. Conditions can also be included by the purchaser that requ

ire the seller to do something by a specified date - for example, that

 settlement will take place only on the conditions that the house is

 painted, the windows repaired or that rubbish around the section is

 removed. Note: Purchasers' conditions usually do not prevent the

 sale-taking place, but may allow the purchaser to delay settlement

 without penalty or claim damages if the conditions are not met in time.

Construction Loan

Also called Building Loan. A short-term, interim loan (only paid to 

registered builders) for financing the cost of construction. The

 lender makes payments to the builder at periodic intervals as work 

progresses.

Contingency

Contingency. See Special Condition.

Contract Note

An agreement in writing setting out the terms and conditions relating 

to the sale or purchase of a property.

Contract of Sale

An agreement in wiring setting out the terms and conditions relating 

to the sale or purchase of a property. It is the purchase document 

signed at auction.

Covenant

Terms, conditions and restrictions noted on the title. A covenant may

 affect future plans or resale of the property.

Cover Note

A document issued by an insurance company giving temporary

 insurance until a formal policy is issued.

Credit History

A record of an individual’s current and repaid debts which is usually 

used by a lender to assess the risk of a potential borrower.

Credit Report

A report of an individual’s credit history prepared by a credit bureau 

and used by a lender in determining a loan applicant’s 

creditworthiness.

Cross Lease

This type of ownership is common where there is more than one home 

on a block of land. You are all owners of the land and you each lease

 your home. The lease will usually provide for an exclusive use area 

for each cross-lessee. It's like owning a freehold property but there

 are some restrictions. Another form of ownership for more than one 

home on a block of land is a unit title.

Cul-de-Sac

Also called a ‘Court’ or ‘Dead End Street’. A street with only one 

entrance, the other end being closed. Often valued for the privacy

 provide to homes in the street.

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