REAL ESTATE TERMS

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There are currently 12 names in this directory beginning with the letter C.
CALL OPTION
A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time and specific price.

CASH OUT REFINANCE
A cash-out refinance replaces your existing mortgage with a new home loan for more than you owe on your house. The difference goes to you in cash and you can spend it on home improvements, debt consolidation or other financial needs.

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

CERTIFICATE OF ELIGIBILITY
During the VA loan process, lenders require veterans to show proof they’ve met the minimum service requirement to qualify for a VA loan.

CHAIN 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
A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs.

CLOSING COSTS
The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.

CONTINGENCY
If a property is contingent, or the contract contains a contingency, certain events must transpire or the contract can be considered null. A contingency might be that the home must past an appraisal or receive a clean inspection.

CONVENTIONAL MORTGAGE
Refers to home loans other than government loans (VA and FHA).

CREDIT HISTORY
A record of an individual's repayment of debt. Credit histories are reviewed my mortgage lenders as one of the underwriting criteria in determining credit risk.

CREDIT REPORT
A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.