Real Estate Dictionary

C Part II

CONCAVE

Having an angle or curvature less than 180 degrees.

CONCEALED HEATING

(See: Radiant Heating).

CONCESSION

A granting of a right, by government or privately, usually to use of land or area in a building to carry on a business.

CONCRETE

A cement mixture containing sand and gravel which is combined by mixing with water, poured to a desired shape, and hardens as it dries. (See also: Poststressed Concrete; Prestressed Concrete; Reinforced Concrete).

CONCRETE (PLAIN)

A concrete which has not been prestressed, poststressed, or reinforced in any way except possibly to hinder shrinkage or expansion caused by temperature changes.

CONCRETE CONSTRUCTION

(See: Architectural Concrete Construction; Reinforced Concrete Construction).

CONCRETE SLAB FOUNDATION

A poured foundation consisting of concrete beams at the perimeter and center of a reinforced slab, which gives the slab support. (See: Floating Slab; Monolithic Slab; Rebar).

CONCRETE TILT-UP

An inexpensive method of constructing walls by pouring concrete into forms flat on the ground, allowing to harden, then raising the forms by a crane or block and tackle to a vertical position, thereby forming the wall.

CONCRETION

A mineral mixture which forms, generally in rock of a different composition, various size grains or modules.

CONDEMNATION

The taking of private property for public use without the consent of the owner, but only upon payment of just compensation.

CONDEMNATION VALUE

Market value paid upon condemnation.

CONDEMNEE

The owner of property taken by condemnation (eminent domain).

CONDEMNER

The party taking property by condemnation (eminent domain).

CONDENSATION

The forming of water on a barrier from warm air meeting cooler air, as in air conditioning units.

CONDENSATION DUCT

A duct which carries away the water given off by condensation from an air conditioning unit.

CONDITION

In real property law, some limiting restriction to a grant or conveyance of property, stating that upon the happening or not happening of a stated event, the estate shall be changed in some manner.

CONDITIONAL COMMITMENT

A loan commitment given before a borrower (buyer) is obtained, and subject to approval of the buyer by the lender.

CONDITIONAL SALE OF REAL PROPERTY

(See: Land Contract).

CONDITIONAL SALES CONTRACT

A sale in which the title to property or goods remains with the seller until the purchaser has fulfilled the terms of the contract, usually payment in full. (See also: Land Contract).

CONDITION PRECEDENT

A condition to be performed before an agreement becomes effective or some right vests or accrues.

CONDITION SUBSEQUENT

A condition following an agreement, the happening of which changes the estate.

CONDOMINIUM

A structure of two or more units in which the interior space is individually owned, and common areas are owned jointly.

CONDOMINIUM CONVERSION

The changing of rental property (two or more units) to condominium ownership. Physical changes, as well as paperwork, may be necessary to conform to building and safety codes.

CONDOMINIUM MAP (PLAN)

A recorded map showing the condominium units and common area. The map includes both horizontal and vertical measurements of the units. It is important that the map agree with the declaration of restrictions (recorded at the same time).

CONDOMINIUM OWNER'S ASSOCIATION

See: Home Owner's Association (2).

CONDUCTION

Transmission of electricity or heat through a conductor.

CONDUCTOR

A material (usually metal) which can transmit electrical current or heat.

CONDUIT

A natural channel for the flow of water, or artificial channel, such as a pipe, used for conveying and protecting water, wires, or other materials.

CONDUIT, ELECTRICAL

A metal pipe, usually flexible, through which electrical wiring is installed.

CONDUIT SYSTEM

A system of metal casings (conduits) containing wiring and conductors.

CONFESSION OF JUDGMENT

The written, voluntary, submission of a debtor to a judgment by a creditor for a specified amount.

CONFIGURATION

Outline of a shape.

CONFIRMATION DEED

(See: Rerecording).

CONFIRMATION OF SALE

(See: Order Confirming Sale).

CONFORMITY, PRINCIPLE OF

An appraisal term stating that general uniformity of structures in an area produces highest value.

CONGRUOUS

Suitable or appropriate. In appraisal, a property which conforms to the area.

CONSANGUINITY

Blood relationship, rather than legal relationship (through marriage). (See also: Affinity).

CONSENT JUDGMENT

A written agreement between plaintiff and defendant to have a judgment entered and recorded. Although the court does no actual finding for one party or the other, the judgment, once approved by the court, is binding on both parties.

CONSEQUENTIAL DAMAGES

Damages created by a change in other property. An owner's right to compensation varies with state statutes. (See also: Lateral Support: Inverse Condemnation).

CONSERVATION

(1) Care and preservation of natural resources. (2) Preservation, through zoning, of improved areas to maintain the quality of the area.

CONSERVATOR

A guardian, court appointed.

CONSIDERATION

Anything which is, legally, of value, and induces one to enter into a contract.

CONSOLIDATION

(1) The coming together, either through merger or partial ownership, of two or more companies. (2) The solidification of loose material or liquid, usually under pressure.

CONSTANT

(See: Loan Constant).

CONSTANT PAYMENT LOAN

(See: Interest Included Note).

CONSTRUCTION COST

The total cost of building, including overhead and profits as well as land, labor, and materials.

CONSTRUCTION LOAN

Short term financing of real estate construction. Generally followed by long term financing called a "take out" loan, issued upon completion of improvements.

CONSTRUCTIVE EVICTION

(1) Regarding a landlord and tenant relationship, constructive eviction is any act by the landlord which substantially interferes with the tenant's use and enjoyment of the leased property, but is not actual eviction. (2) The inability of the buyer to obtain possession because of a superior title of a third party. This constitutes a breach of the covenant of quiet enjoyment warranted by the seller.

CONSTRUCTIVE MORTGAGE

(See: Equitable Mortgage).

CONSTRUCTIVE NOTICE

Notice given by publishing in a newspaper, recording, or other method which legally notifies the parties involved, but may not actually notify them.

CONSTRUCTIVE TRUST

A trust created by operation of law to change an inequitable situation. If one acquires title to property through fraud, the court will hold that the legal owner holds in trust for those who really should have ownership. Also called an involuntary trust.

CONSUMER LENDING

Loans made for personal property, such as automobiles, appliances, etc.

CONSUMER PRICE INDEX

(See: Cost of Living Index).

CONSUMER REPORTING AGENCY (OR BUREAU)

Also known as Credit Bureau. The source to which the banks or other lenders turn for information on the credit history of an applicant.

CONTEMPORARY ARCHITECTURE

A general term encompassing any number of modern designs which do not conform to any traditional architectural styles.

CONTIGUOUS

Near or close to, whether actually touching or not. Generally refers to actual touching or bordering on.

CONTINGENCY

Commonly, the dependence upon a stated event which must occur before a contract is binding For example: The sale of a house, contingent upon the buyer obtaining financing.

CONTINGENT BENEFICIARY

One who, under the terms of a will or trust, may or may not share in the estate upon the happening of an uncertain event. Example: A leaves property to B when B reaches 30, stipulating that if B dies before 30, property goes to C. C is the contingent beneficiary.

CONTINGENT FEES

Fees to be paid only in the event of a future occurrence. A broker's commission is paid only if the property is sold or leased (unless otherwise agreed upon). Attorneys (especially in negligence cases) may be paid based on winning the suit and collecting damages.

CONTINGENT INTEREST

An interest subject to the occurrence of a specified but uncertain event.

CONTINGENT REMAINDER

A remainder interest uncertain as to the persons in interest or the occurrence of an event. Example A rants to B for life, then to the children of C. At the time of the grant C has no children but may have when B dies.C.

CONTIGUOUS

Near or close to, whether actually touching or not.

CONTOUR FURROWS

Furrows plowed laterally across a slope to control water running down the slope.

CONTOUR LINE

(1) A line showing the shape (outline) of a parcel of land or body of water. (2) A line on a topographical map connecting all portions of the property which have the same elevation.

CONTOUR MAP

A map which uses lines (most always curved) to outline the configuration and elevation of surface areas.

CONTRACT

An agreement between two or more persons or entities which creates or modifies a legal relationship. Generally based upon offer and acceptance.

CONTRACT FOR DEED

(See: Land Contract).

CONTRACT OF SALE

In some areas of the country, synonymous with land contract. In other areas synonymous with purchase agreement.

CONTRACTOR

(See: General Contractor; Subcontractor).

CONTRACTOR'S OVERHEAD

Expenses over and above labor and materials, such as return on money invested, carrying costs of land, office expense, interest on loans, etc.

CONTRACTOR'S PROFIT

Price at which property is sold, less costs of land, labor and materials, and overhead.

CONTRACT RENT

Rent paid under a lease. The actual rent as opposed to the market rental value of the property.

CONTRACTUAL LIEN

A voluntary lien such as a mortgage or deed of trust.

CONTRIBUTION

The right of one who pays a common liability to recover all but his or her share from the others who are liable. For example: A, B, and C own a property. A pays the taxes. A may recover that portion from B and C which B and C should have paid.

CONTROL

Referring to traffic, the term is used to indicate a traffic light or stop sign at an intersection, which slows (controls) traffic. A retail site, such as a gas station or fast food restaurant, prefers a corner location with control.

CONTROLLED ACCESS HIGHWAY

(See: Limited Access Highway).

CONTROLS

In government projects such as urban renewal, the limits on use, density, and other limits which would be contained in zoning laws in a private venture.

CONVECTION

In heating, the motion created by the gravitational pull on air or water at different temperatures, and therefore, different densities.

CONVENTIONAL LOAN

A mortgage or deed of trust not obtained under a government insured program, (such as F. H. A. or V. A.).

CONVENTIONAL MORTGAGE

(See: Conventional Loan).

CONVERSION

(1) A legal term referring to the "legal" changing from real to personal property (or vice versa), although there is no actual change in the property. (2) A taking of something for one's own use which was originally in his possession only to hold for the owner. (3) The changing of an apartment to a condominium.

CONVERTIBLE MORTGAGE

A mortgage which enables the lender to take (convert to) an equity (ownership) position in the collateral security (real estate) as opposed to that of a leinholder.

CONVEX

Having an angle or curvature greater than 180 degrees.

CONVEY

To transfer title to property. (See also: Conveyance).

CONVEYANCE

Transfer of title to land.

CONVEYANCE TAX

(See: Transfer Tax).

COOP

A structure to shelter chickens.

COOPERATING BROKER

The broker who finds the buyer and so shares in the commission with the listing broker.

COOPERATIVE APARTMENT

Also called a stock cooperative or a co-op. A structure of two or more units in which the right to occupy a unit is obtained by the purchase of stock in the corporation which owns the building.

CO-ORDINATES

A general term encompassing a number of methods to determine the position of intersecting lines, planes, points, etc.

COPING

The top or "cap" of a wall, usually convex to permit the runoff of water.

CORBEL

A timber or stone, set in and projecting from a wall, and used to support a load.

CORD

A measure, usually associated with cut wood. 128 cubic feet of cut wood, or a pile 4' high, 4' wide, and 8' long.

CORNER

Most commonly, the acute angle formed by intersecting streets or walls.

CORNER BEAD

A reinforcement placed in corners before plastering. Commonly a strip of iron with metal lath.

CORNER BOARDS

The boards (trim) covering the outside corners of a frame building.

CORNER BRACES

Braces nailed diagonally to the studs as a reinforcement at corners.

CORNER INFLUENCE

In appraisal, the effect on the value of a property because it is on a corner or near a corner.

CORNER LOT

A lot contiguous to two intersecting streets, and, for purposes of value, having access to both streets.

CORNICE

The "crowning" member of a wall. The top molding or facade, generally of a decorative nature.

CORPORATE RESOLUTION

An action taken by vote of the directors of a corporation. A title insurance company may require a corporate resolution before insuring a sale or loan made by a corporation.

CORPORATION

A general term encompassing any group of people "incorporating" by following certain statutory procedures. Most common type of corporation is a private one formed to carry on a business.

CORPOREAL

Concerning material objects or property, rather than non-material things, such as ideas. A machine would be corporeal; the patent for it would be incorporeal.

CORPOREAL PROPERTY

That property which can be touched. For example: A window (glass) is corporeal. The view through the window is incorporeal.

CORPUS

A body; of people, laws, etc.

CORRECTION DEED

(See: Rerecording).

CORRECTION LINES

(See: Standard Parallels).

CORRELATION

The use of different appraisal methods to reach an estimate of value of a property. The methods must be weighed as to relative value in each specific appraisal.

CORRIDOR

(1) A hallway or passageway. (2) A strip of land used as a passageway, such as an inland country's outlet to the sea, or between heavily populated areas.

CO-SIGNATORY

(See: Co-maker).

COST

Technically, the original amount paid for anything. The term is generally used as a synonym for value or the total amount invested, including expenses after the original purchase.

COST APPROACH

An appraisal method, estimating the replacement cost of a structure, less depreciation, plus land value.

COST ESTIMATING

(1) In construction, the expenditure of building based on a detailed cost of materials to be used. (2) In appraisal the term is general, referring to replacement cost, but not limited to a specific method of arriving at said cost

COST OF LIVING ESCALATION

[See: Escalation Clause (2)].

COST OF LIVING INDEX

A government indicator of the increase or decrease of living costs for the average person on a monthly basis. [See also: Escalation Clause (2)].

COST OF OCCUPANCY

Cost (usually monthly) of a business to occupy its property exclusive of any costs of doing business.

COST OF REMODELING

Expense of alterations to raise the value of a property, rather than to make repairs.

COST OF REPAIRS

Expenses to maintain the value of a property by restoring the worn-out or broken parts of the structure.

COST-PLUS CONTRACT

A building contract setting the builder's profit at a set percentage of actual cost of labor and materials.

CO-TENANCY

A general term covering both joint tenancy and tenancy in common.

CO-TRUSTEE

One who shares the duties of trustee with one or more other trustees.

COTTAGE

Originally, a house with no surrounding land belonging to it. Modernly, a small house, perhaps used as a summer home.

COULOMB

A measure of electricity equal to a one second electrical charge in a current having a constant flow of one ampere.

COUNSELOR (COUNSELLOR)

(1) A lawyer. (2) One designated as a real estate counselor by the American Society of Real Estate Counselors. The designation indicates an extremely high standard of knowledge and experience on the part of the conferee.

COUNTER FLASHING

Flashing (tar substance) used on chimneys at the roofline to prevent entry of moisture, and cover the metal sheet flashing.

COUNTER OFFER

An offer (instead of acceptance) in response to an offer. For example: A offers to buy B's house for X dollars. B, in response, offers to sell to A at a higher price. B's offer to A is a counter offer.

COUNTY

A political division within a state, usually encompassing one or more cities or towns. There are exceptions such as New York City which contains more than one county. Louisiana uses the word parrish instead of county; New York uses both borough and county, as in Kings County (the borough of Brooklyn).

COUNTY MORTGAGE

A mortgage placed on property by the county to secure aid given to indigent persons. Generally paid upon sale of the property. Also called an indigent mortgage.

COUNTY RECORDS

Public recorded documents by which notice is given of changes of title, liens, and other matters affecting real estate.

COUNTY ROAD

(1) A road lying entirely in one county. (2) Any road or portion of a road under the jurisdiction and maintenance of the county. (3) Loosely, any road not a federal or state road.

COURSE

(1) The path or direction of a river. (2) Something designed so that it must be used by following a certain direction, such as a golf course or race course. (3) A continuous row or layer of wood, bricks, masonry, etc.

COURSES AND DISTANCES

Terminology used in surveying, meaning metes and bounds. (See also: Metes and Bounds).

COURT

(1) A totally uncovered space, wholly or partly surrounded by walls or buildings. (2) A blind alley, short street, or short cul de sac. (3) A courtroom.

COURTESY TO BROKERS

Willingness of a seller to pay a commission to any broker supplying a suitable buyer; or the willingness of a listing broker to share the commission with any broker supplying a suitable buyer.

COVE

(1) An arched, rather than square angle, meeting of a ceiling and wall. (2) An inlet or small bay.

COVE MOLDING

A small, concave faced molding, used to cover a narrow gap or angle.

COVENANT

Generally, almost any written agreement. Most commonly in real estate, assurances set forth (expressed) in a deed by the grantor or implied by law. Example: Covenant against encumbrances, covenant of right to convey, etc.

COVENANT NOT TO COMPETE

A promise (covenant) usually by a seller of a business, not to operate a competitive business after the sale. The more specific the restriction (time limit, distance, etc.), the more easily it is enforceable.

COVENANT OF QUIET ENJOYMENT

Usually inserted in leases or conveyances whereby lessor or grantor promises that the tenant or grantee shall enjoy possession of the premises in peace and without disturbance caused by defective title.

COVENANTS, CONDITIONS, AND RESTRICTIONS

(See: CC&R's).

COVENANTS RUNNING WITH THE LAND

(See: Running With The Land).

C.P.M. (CERTIFIED PROPERTY MANAGER)

A designation conferred by the Institute of Real Property Management upon one who has completed certain required courses and has been active in property management.

CRA

(See: Community Reinvestment Act).

CRADLE

(1) A framework or support, built to shield or protect its contents. (2) The path prepared to catch a falling tree to prevent damage to the tree.

CRAMDOWN

A term used in chapter 13 (wage earner restructuring debt) bankruptcy. A secured loan is reduced when the loan balance exceeds the reasonable value of the collateral security. The amount above that value becomes unsecured. Used mainly for personal property loans but now starting to be used for mortgage loans. A portion of the mortgage, if it exceeds the value of the property, can become an unsecured loan.

CRAWL SPACE

A space between the ground and the first floor of a structure (usually a house). Repair of utilities under the house may be made by a person crawling through the shallow space.

CREATIVE FINANCING

A general term which encompasses any method of financing property going beyond traditional real estate lending.

CREDIT

(1) The financial worthiness of a borrower. The history of whether this borrower has met financial obligations on time in the past. (2) An accounting term designating money received or receivable, as opposed to debit which is money payed or payable.

CREDIT LIFE INSURANCE

(See: Mortgage Life Insurance).

CREDITOR'S COMPOSITION

An agreement by creditors to take a portion of a debt as satisfaction for the total due. Generally done to avoid a debtor having to declare bankruptcy.

CREDITOR'S POSITION

(1) The portion of the value of property which is mortgaged, rather than the equity. (2) The portion of the value of property upon which a first mortgage could be obtained.

CREDIT RATING

Based on an analysis of a person's credit history, an evaluation of that person's ability to manage a new debt or debts overall.

CREDIT REPORT

A report on the past ability of a loan applicant to pay installment payments. Several national and local companies make such reports.

CREDIT RISK

The potential for a borrower to fail to live up to her obligations under a loan arrangement.

CREDITOR

Any person to whom money is owed. May be secured (the debt has been registered against the property of the debtor) or unsecured.

CREEK

(1) An inlet, going deeper into land than a cove. (2) A stream which empties into a river or bay.

CRICKET

A small, convex roof, placed on a larger roof or surface, to promote drainage in areas of the surface which have barriers to said drainage.

CROFT

An obsolete term referring to a small farm or area to be farmed.

CROP

A specific harvest in a single growing season, such as the corn crop, apple crop, etc.

CROPLAND

(1) Any land suited for farming (the growing of crops). (2) Land upon which crops are actually grown or growing.

CROP ROTATION

The planting of crops such as peas and beans (leguminous plants), which add nitrogen to the soil, on an alternating basis with crops such as corn, wheat, etc., which take nitrogen from the soil.

CROSS-BRIDGING

Strengthening a structure by bracing cross members between the joists, thereby spreading the weight over a larger area.

CROSS CONNECTING ROAD

A road connecting two parallel roads, usually at a right angle.

CROSS SECTION

The surface exposed by cutting at a right angle to an axis (usually the longer axis) of an object.

CROWN MOLDING

A large molding used on a cornice or to cover a wide gap or angle.

CRUISE

A surveying report showing the amount and type of timber in a given area or stand.

CRV

(See: Certificate of Reasonable Value).

CUBIC CONTENT

The number of cubic feet in a building, measured from the exterior surfaces of the exterior walls and roof, and the interior 46 surface of an unfinished floor or six inches below the finished surface of the floor.

CUBIC FOOT

(See: Cubic Measure).

CUBIC FOOT COST

The cost of construction of a structure, divided by the number of cubic feet of the structure. (See also: Cubic Content).

CUBIC FOOT METHOD

(See: Comparative Method).

CUBIC FOOT PER SECOND

A flow of water of one cubic foot per second. Used as a measurement term in determining the flow of a river or stream.

CUBIC INCH

(See: Cubic Measure).

CUBIC MEASURE

A system of measuring volume or space by using cubic units. One cubic inch is 1 inch long by 1 inch wide by 1 inch high; 1728 cubic inches equals 1 cubic foot; 27 cubic feet equals 1 cubic yard.

CUBIC YARD

(See: Cubic Measure).

CUL DE SAC

A street or alley open at one end only: aka "dead end." Especially desirable for people who cherish privacy and quiet.

CULTURA

A parcel of land which can be cultivated.

CULTURAL FEATURES

A term denoting man made changes to land.

CULVERT

A waterway or drainage ditch which crosses under a road.

CUPOLA

(1) A structure, usually domelike, atop a roof. (2) A type of foundry furnace for melting iron.

CURABLE DEPRECIATION

Repairs which an owner of real estate should make to retain a high value, but which have not been made.

CURABLE FUNCTIONAL OBSOLESCENCE

(See: Functional Obsolescence).

CURABLE PHYSICAL DETERIORATION

(See: Physical Deterioration).

CURB CUTS

The part of a curb which lowers to street level to form the apron of a driveway.

CURB LINE

The line between the right of way for automobiles (road) and the right of way for pedestrians (sidewalk).

CURRENT ASSETS

An accounting term meaning cash or those things which can be readily converted to cash, such as short term accounts receivable.

CURRENT LIABILITIES

Short term debts.

CURTAIL SCHEDULE

The schedule of partial principal payments (both amounts and due dates) to reduce and retire an indebtedness.

CURTAIN WALL

An outside wall which lends no structural support to a building, but acts merely to enclose.

CURTESY

A common law interest of a husband in the property of his deceased wife. Abolished in most states.

CURTILAGE

The grounds and secondary buildings surrounding a house which are commonly used in connection with the everyday use of the house. Usually fenced.

CURVILINEAR

Having boundaries of curved lines; may refer to architecture, streets, etc.

CUSTODIAN

(1) One who is entrusted with the care and keeping of real or personal property. (See also: Custody). (2) A janitor.

CUSTODY

The care and keeping of property (real or personal). For example: An escrow agent has custody of documents and funds until closing.

CUSTOM BUILDER

One who builds for a specific owner, designing the building to suit said owner's need, rather than building and then looking for a buyer.

CUSTOMER

A buyer of goods or services.

CUT-OVER LAND

Land from which the original growth has been cut away by logging.

CUTS

In construction, the excavation of land into a terrace or terraces, to control flooding, locate a highway, building, or affect the grade for some other purpose.

CYCLICAL MOVEMENT

A term in economics describing the business cycle of the national economy, from good to bad to good again.