Tue10232018

Last update 07:00:00 PM EST

Create an account so you can add, edit and remove your property. Click 'Create an Account' from under the login form below.

You will be taken back to the homepage after submitting the registration form. You then need to login with the email address and password you choose.

Login
Back Advice Ask Me! Q & A Real Estate Glossary

Glossary of terms used on this site

There are 214 entries in this glossary.
Search for glossary terms (regular expression allowed)
Begins with Contains Exact term Sounds like
All A B C D E F G H I J L M N O P Q R S T V
Page:  1 2 3 Next »
Term Definition
"Collection"

When a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to "collection." As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property.

Call option

Similar to the acceleration clause.

Cash-out refinance

When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a "cash out refinance".

Ccondominium conversion

Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.

Certificate of deposit

A time deposit held in a bank which pays a certain amount of interest to the depositor.

Certificate of Eligibility

A document issued by the Veterans Administration that certifies a veteran's eligibility for a VA loan.

Certificate of Reasonable Value (CRV

Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV.

Chain of title

An analysis of the transfers of title to a piece of property over the years.

Clear title

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

Closing

This has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands.

Closing costs

Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application.

Closing statement

See Settlement Statement

cloud on title

Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action.

Co-borrower

An additional individual who is both obligated on the loan and is on title to the property.

Collateral

In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.

Page:  1 2 3 Next »
All A B C D E F G H I J L M N O P Q R S T V
Glossary 2.7 uses technologies including PHP and SQL