Glossary in Letter C

Call options
A clause in a loaning agreement gives the lender the right to ask for the balance at any time.
Capitol Improvement
A permanent structural erection that extends the useful life and value of a property (such as replacement of a roof)
Certificate of Sales
A document that indicates that a property has been sold to buyer during foreclosure, whom is subjected to a right of redemption for a set period after the foreclosure sales.
Chattel
Personal property, such as household goods or fixtures.
Chattel Mortgage
A mortgage on personal property.
Clear Title
An ownership rights to a piece of real estate that will not be diminished by liens, leases or other types of encumbrances, hence no other ownership claims exists.
Client
A person whom a broker is employed and the person that pays the broker.
Closing Costs
The incidental expenses to the sale of real estate, including loans, title, and appraisal fees. Such expenses exist in addition to the price of the property and are paid at the closing.
Closing Date
The Date upon which the buyer takes over the property.
Closing Statement
A document which has the details to the final financial settlement between buyer and seller including the costs paid by each party.
Cluster Development
A architectural method of squeezing more homes into less space.
Co-Housing
Individual hosing units that are clustered around a common building where residents share cooking areas and other activities.
Co-insurance
Insurance that covers the use of 2 or more insurers.
Co-maker
A person who signs a promissory note with the burrower and assumes responsibility of the loan.
Co-signer
An additional party who signs a promissory note and takes responsibility for the debt.
CO/ALR
A designation on special light switches and outlets intended to be installed with aluminum wiring.
Collection
A series of steps that lenders use to bring a delinquent mortgage up to date.
Commercial Bank
A financial institution that provides a broad range of service other that the normal banking needs. (Checking, Savings, Business loans and Credit Cards)
Commercial Property
An are that is used for business purposes.
Commitment
A promise made by a lender to make a loan with a specific term for a specific time period.
Commitment Fee
A fee that is charged by the lender to guarantee a specific set of loaning terms, so that it will be honored at some future date.
Common Law
A body of laws based on usage, customs, and rulings by the court which varies from jurisdiction to jurisdictions.