Call option
A provision in a loan agreement that allows a lender to call the mortgage due and payable in full at the end of a specified period.
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Cap
A provision in an adjustable-rate mortgage (ARM) agreement that limits the amount the interest rate or monthly payment can increase.
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Cash-out refinance
A refinance transaction in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the additional funds in any manner.
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Certificate of occupancy
A document issued by a local government which states that the building is legally ready to be occupied.
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Chain of title
A history of all documents that transfer title to a piece of property, starting with the original existing document and ending with the most recent.
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Closing Statement
A written statement which details the amounts of debits and credits to which each party in a real estate transaction is entitled to upon closing.
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CMA (Comparable Market Analysis)
An estimated current market price of a property based on an analysis of prices paid for similar properties.
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Cooperative corporation (co-op)
A form of property ownership in which an apartment building or a group of dwellings are owned by a corporation, the stockholders of which are the residents of the dwellings. In a co-op, the corporation or association owns the title to the real estate and the residents purchases stock which entitles them to occupy a unit in the building.
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Closing
The final procedure in a real estate transaction in which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs. At this event, the property is transferred from the seller to the buyer.
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Closing costs
Expenses (beyond the price of the property) incurred by buyers and sellers when transferring ownership of a property. Closing costs may include an origination fee, attorney's fees, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey.
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Condominium
A form of property ownership in which owners hold title to their individual units and share ownership of common areas such as the grounds, the parking facilities and the tennis courts.
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