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Real Estate Terms - C

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Closing

(1) In the sale of real estate, the final moment when all documents are executed and recorded and the sale is complete. (2) A general selling term describing the stage at which the buyer agrees to purchase.

 

Sat Dec 22 2007
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Closing Costs

Incidental expenses incurred with the sale of real property, such as appraisal fees, title insurance, and termite report.

 

Sat Dec 22 2007
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Closing Statement

A list of the final accounting of all monies of buyer and seller prepared by an escrow agent. It notes all costs each party must pay at the completion of a real estate transaction.

 

Sat Dec 22 2007
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Cloud on Title

An encumbrance on real property that affects the rights of the owner and that often keeps the title from being marketable until the cloud is removed.

 

Sat Dec 22 2007
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Collateral Security

A separate obligation attached to another contract pledging something of value to guarantee performance of the contract.

 

Sat Dec 22 2007
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Commercial Bank

An institution that offers checking accounts, loans, savings accounts, and services such as business bans. Banks are active in instaUment loans on vehicles and boats and construction financing, rather than in long-term real estate financing. See also Institutional lenders.

 

Sat Dec 22 2007
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Common Area

That area owned in common by owners of condominiums and planned unit development homes within a subdivision.

 

Sat Dec 22 2007
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Community Property

Real and personal property accumulated by a husband and wife during their marriage.

 

Sat Dec 22 2007
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Compound Interest

Interest paid on the original principal and on interest accrued.

 

Sat Dec 22 2007
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Condemnation

A declaration by governing powers that a structure is unfit for use.

 

Sat Dec 22 2007
Views: 1


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