Real Estate Glossary C

Click on the beginning letter of the real estate term to find the definition.

A B C D E F G H I J L M N O P Q R S T U V W Y

Call: To declare the entire debt due at once.

Certificate of Discharge: A written instrument executed by the mortgagee and given to the mortgagor when the debt secured by a mortgage is satisfied to show that the mortgage is released. Sometimes called a release of mortgage.

Certificate of Sale: A certificate issued to the buyer at an execution sale or judicial foreclosure sale. The holder of the certificate is entitled to a deed if the owner of the property does not redeem it within 1 year.

Chattel mortgage: A mortgage on personal property, given to secure a debt. Typically used in the sale of a business. Also called a security agreement.

Closing Statement: A statement from an escrow agent given to the parties to an escrow when it closed, accounting for all funds received into and paid out of escrow.

Collateral Something of value (land, a home, a car, etc.) that is pledged as security to ensure the payment of a debt. Collateral is promised to a lender until a loan is repaid. If the borrower defaults, the lender has the right, by law, to seize the collateral.

Collateral Assignment: An assignment of property for security purposes rather than absolute assignment.

Commission: Fee paid to a broker or real estate agent for the services provided.

Community Property: Property acquired by a husband and wife while married and not separated, except property acquired by gift, will or inheritance and certain

Compound Interest: Interest computed not only on the principal but also on previously accumulated interest.

Conditional Sale: A contract for the sale of property stating that although delivery is to be made to the buyer, the title is to remain vested in the seller until the conditions of the contract have been fulfilled.

Conventional Loan: A loan made without government guarantee by a bank or lending institution.

Conveyance: A written instrument that transfers title to or an interest in real property.

Cosigner: A person who signs a note as an additional maker to help another maker secure a loan.

Credit Report: A report on a credit applicant from a credit reporting service stating creditors' experience with the applicant and frequently containing information or estimates about the applicant's assets, liabilities and character.

Creditor: One who is owed payments on a debt by a debtor.

Current Value: The value at the time of appraisal.