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CAPITALIZATION
RATE:
The percentage (acceptable to an average buyer) used to
determine the value of income property through capitalization.
CERTIFICATE
OF TITLE:
In areas where attorneys examine abstracts or chains of
title, a written opinion, executed by the examining attorney,
stating that title is vested as stated in the abstract.
CLOSE
OF ESCROW:
The date the documents are recorded and title passes from
Seller to Buyer. On this date, the Buyer becomes the legal
owner, and title insurance becomes effective.
CLOSING:
The final procedure in the real estate sales process, where
the sale and pertinent loan are completed by the execution
of documents for recording. In some areas, this procedure
is known as the closing of escrow.
CLOSING
SERVICE LETTER:
Also known as Closing Protection Letter. A letter of authorization
from a Title Company, for an indivdual or agency conducting
a settlement on behalf of the Title Company and Lender which
includes the execution of all documents and disbursements
of funds.
CLOUD
ON TITLE:
An irregularity, possible claim, or encumbrance which, if
valid, would adversely affect or impair the title.
COINSURANCE:
Ordinary coinsurance is defined as a transaction under which
each of two or more insurers assumes a designated portion
of the liability for the total risk and is liable for only
such portion of any loss beginning at the first dollar of
loss.
(See Reinsurance.)
COLLATERAL:
By or at the side, additional or auxiliary. Mistakenly used
to mean collateral security.
COLLATERAL
SECURITY:
Most commonly used to mean some security in addition to
the personal obligation of the borrower.
COMMITMENT:
A binding contract with a title company to issue a specific
title policy, showing only those exceptions contained in
the commitment and any intervening matters after the date
of the commitment and prior to the effective date of the
policy. The commitment contains all information included
in the preliminary title report, plus a list of the title
company's requirements to insure the transaction. It also
includes the standard exceptions from coverage that will
appear in the policy.
COMMUNITY
DRIVEWAY:
A driveway which is jointly owned, used and maintained by
two or more persons. Usually, a portion of each owner's
property is burdened by the driveway.
COMMUNITY
PROPERTY:
Property acquired by husband, wife or both during marriage
which gives each spouse an interest in the property whether
each appears in title or not.
COMPARABLE
SALES:
Sales that have similar characteristics as the subject property,
used for analysis in the appraisal. Commonly called "comps."
CONDEMNATION:
The taking of private property by the government for public
use - as for a street or a storm drain - upon making just
compensation to the owner. This right or power of government
to take property for a necessary public use is called eminent
domain.
CONSERVATOR:
A person appointed by the court to care for the person and/or
property of an incompetent adult or an adult unable to care
for their person or property because of health.
CONSTRUCTIVE
NOTICE:
Notice imparted by the public records of the county when
documents entitled to recording are recorded.
CONVEYANCE:
An instrument in writing, such as a deed or trust deed,
used to transfer (convey) title to property from one person
to another.
CORPORATION:
An entity authorized by law and established by a group of
people, the stockholders, which is endowed with certain
rights, privileges and duties similar to an individual.
COVENANT:
(1) A formal agreement or contract between two parties in
which one party gives the other certain promises and assurances,
such as the covenant of warranty in a warranty deed. (2)
Agreements or promises contained in deeds and other instruments
for performance or nonperformance of certain acts, or use
or nonuse of property in a certain manner.
COVENANTS,
CONDITIONS AND RESTRICTIONS:
Commonly called CC & R's the term usually refers to
a written recorded declaration which sets forth certain
covenants, conditions, restrictions, rules or regulations
established by a subdivider or other landowner to create
uniformity of buildings and use within tracts of land or
groups of lots. The restrictions also can be established
by deed. CC & R's are sometimes referred to as private
zoning.
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