You've probably heard some real estate terms and are wondering what in the world they mean. Use this glossary to look them up! If you are wondering what a word or phrase means and I don't have it in the glossary, please send me an email asking!

Cap
Limit on how much the interest rate can change in an ARM.

Casement Window
A window hinged on its sides to allow it to swing open vertically.

Clear title
A title to property that does not have liens, defects, or other legal encumbrances.

Closing
The final procedure in a real estate transaction. At this time documents are executed and/or recorded, title is transferred from seller to buyer, funds are disbursed, and the sale is completed.

Closing Costs
Expenses in addition to the price of the home incurred by buyers and sellers when a home is sold. Common buyer closing costs include escrow fees, title insurance fees, document recording fees and loan points and fees.

Closing Statement
A statement prepared by a title company giving a complete itemization of costs incurred in a real estate transaction. A separate statement is prepared for the buyer and seller.

Comparative Market Analysis (CMA)
A survey of attributes and selling prices of comparable houses on the market or recently sold; used to help determine correct pricing strategy for a seller's property and a buyer's purchase.

Condominium
A structure of two or more units, the interior space (including the wall coverings but not the walls) of each unit being individually owned; the balance of the structure and the land is owned in common by all the unit owners.

Contingency
A condition in a contract that must be met for the contract to be binding, i. e.: Inspection contingency; loan contingency, to name a few.

Contract
Binding legal agreement between two or more parties that delineates the conditions for the exchange of value (example: money exchanged for title to property).

Conventional Mortgage
A loan not guaranteed, insured or made by the federal or state government.

Conveyance
Either (a) the transfer of title, or (b) the document, such as a deed, by which title is officially transferred.

Co-op (co-operative housing)
A structure of two or more units which is owned by a corporation made up (typically) of the occupants. As such, no real property is owned by the individuals, only shares in the corporation allocated to particular apartments.

Counteroffer
A response to an offer.

Credit History
A record of an individual's current and past debt payments.

Credit Rating
The degree of creditworthiness assigned to a person based on credit history and financial status.

Credit Report
A detailed account of an individual's credit, employment, and residence history. A lender uses this report to determine a loan applicant's creditworthiness. The three largest credit bureaus are Trans Union Corp., Equifax, and Experian.

Curb Appeal
Attractiveness of a home from the street to a prospective buyer.