- Circuit BreakerA device located within the main electrical panel or in a circuit breaker box. The main purposes of the circuit breaker are: to regulate the(...) Read More
- ClaimA right to assert, or the assertion of, a demand for payment of money due; or the surrender or delivery of possession of property or the(...) Read More
- Class "A"Optimum fire rating issued by Underwriter's Laboratories on roofing. The building codes in some areas require this type of roofing for fire safety. Read More
- Class "C"Minimum fire rating issued by the Underwriters' Laboratories for roofing materials. Read More
- Clean OutAn opening providing access to a drain line. Closed with a threaded plug. Read More
- Clear TitleOwnership that is free of liens, defects, or other legal encumbrances. Read More
- ClosingThe conclusion of a real estate transaction. It includes the delivery of the security instrument, signing of legal documents and the(...) Read More
- Closing AgentThe person or entity that coordinates the various closing activities, including the preparation and recordation of closing documents and the(...) Read More
- Closing CostsExpenses realted to services that must be performed to process and close a loan application. Examples include title fees, recording fees,(...) Read More
- Closing DateThe date on which the sale of a property is to be finalized and a loan transaction completed. Often, a real estate sales professional(...) Read More
- Closing DisclosureThe Closing Disclosure details all of the costs associated with their mortgage transaction and must be provided to the consumer three business(...) Read More
- Closing StatementA summation, in the form of a balance sheet, made at a closing, showing the amounts of debits and credits to which each party to a real estate(...) Read More
- Cloud on TitleAn irregularity, possible claim, or encumbrance which, if valid, would affect or impair the title. Read More
- Co-OwnershipWhen a property is registered in the name of more than one individual, the property is deemed to be under joint ownership. There is no(...) Read More
- Co-SignerA secondary signer on a lease or mortgage who verifies the principle signer’s identity and/or provides additional assurance to the lender or landlord. Read More
- CoborrowerAny borrower other than the first borrower whose name appears on the application and mortgage note, even when that person owns the property(...) Read More
- Coffered CeilingA coffered ceiling generally follows the underside of the roof planes up to a specific height where the ceiling is then flattened. Read More
- Cold Air ReturnThe ductwork (and related grills) that carries room air back to the furnace for re-heating. Read More
- CollarPreformed flange placed over a vent pipe to seal the roofing above the vent pipe opening. Read More
- Collar BeamHorizontal or diagonal structural members connecting opposite roof rafters that stiffen the roof structure. Read More
- CollateralAn asset that is pledged as security for a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the(...) Read More
- ColorantThe dye or pigment used to tint paint. Colorants can be added to prepared paints or a base in proportionate amounts to achieve a desired color effect. Read More
- ColumnA concrete or steel vertical structure that supports the weight of the building. Read More
- Combined Loan-to-Value RatioThe ratio between the loan amounts of all loans on a property and the value of the property. The ratio is commonly expressed as the percentage(...) Read More
- Combustion AirThe duct work installed to bring fresh, outside air to the furnace and/or hot water heater. Normally 2 separate supplies of air are brought in:(...) Read More
- Combustion ChamberThe part of a boiler, furnace or woodstove where the burn occurs; normally lined with firebrick or molded or sprayed insulation. Read More
- Commercial LoanCommercial loans refer to financing provided to companies to purchase or refinance business-related properties. Read More
- Commercial Real EstateCommercial real estate is the purchase and sale of commercial properties, such as office buildings, retail centers, industrial properties, or(...) Read More
- CommissionThe amount due a real estate broker, mortgage loan broker or real estate professional for services performed in such capacity. Read More
- CommitmentA binding pledge made by the lender to the borrower to make a loan, usually at a stated interest rate within a given period of time for a given(...) Read More
- Commitment FeeFee paid by a potential borrower to a lender for the lender’s promise to lend money at a specified rate and within a given time period. Read More
- Common AreasThose portions of a building, land, or improvements and amenities accessible for use by all of the unit owners, who share in the common expenses(...) Read More
- ComparablesOr "Comps". Used for comparative purposes in the appraisal process. Comparables are properties that have sold recently and have reasonably the(...) Read More
- Comparative Market AnalysisAn evaluation of a property’s value based on similar, recently sold properties (called comparables) in the same neighborhood. A CMA is not the(...) Read More
- Compound InterestInterest which is calculated not only on the initial principal but also the accumulated interest of prior periods. Read More
- Compound miterA saw with a box, used to cut wood at a tilted angle for accurate, smooth, clean bevel and miter cuts; especially useful for cutting trim and(...) Read More
- Compression WebA member of a truss system which connects the bottom and top chords and which provides downward support. Read More
- CompressorA mechanical device that pressurizes a gas in order to turn it into a liquid, thereby allowing heat to be removed or added. A compressor is the(...) Read More
- Computer-Aided DesignA design that has been created using software instead of pen and paper for a project. This allows plans to be made in 3D. Read More
- ConcessionSomething given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs. Read More