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Real Estate Terms - C

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Convertible AR

An adjustable-rate mortgage that can convert to a fixed-rate mortgage

 

Sat Dec 22 2007
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Conveyance

The transfer of the title to land from one party to another.

 

Sat Dec 22 2007
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Cooperative Apartment

A building with two or more units in which the unit owners are required to purchase stock in the corporation that owns the property. The co-op was a forerunner of the condominium and is less popular because of the difficulty in financing, since the units are not individually owned.

 

Sat Dec 22 2007
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Corporation

A legal entity having certain powers and duties of a natural person, together with rights and liabilities of both, distinct and apart from those persons composing it.

 

Sat Dec 22 2007
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Cost Approach

A method of appraisal whereby the estimated cost of a structure is calculated, less the land value and depreciation.

 

Sat Dec 22 2007
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Counteroffer

An offer made in response to an offer. For example, ,4 offers to buy B's house for $80,000 although it is listed for $85,000. B makes a counteroffer to ,4 by stating that she will sell the house to ,4 for $81,000. The $81,000 offer is a counteroffer.

 

Sat Dec 22 2007
Views: 1

Covenants

Agreements written into deeds and other instruments stating performance or nonperformance of certain acts or noting certain uses or nonuses of the property.

 

Sat Dec 22 2007
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Cul de sac

A dead-end street with a turnaround at the end.

 

Sat Dec 22 2007
Views: 1

Current Assets

Assets that can readily be converted into cash, as with short-term accounts receivable and common stocks.

 

Sat Dec 22 2007
Views: 1


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