| C |
| |
| Cantilever |
Any part of a structure that projects beyond its main support and is balanced on it. |
| Capital gains |
The profit on the sale of a capital asset, such as stock or real estate. If you sell your primary residence, you can exclude $250,000 in profit from capital gains tax. A couple can exclude $500,000. |
| Casement window |
A window with hinges on one of the sides that swings open like a door. |
| Cash-out |
Cash given to you when you get a new loan that is larger than the remaining balance of your current mortgage. |
| Casing |
Door and window framing. |
| Cast-iron pipe |
Heavy metal pipe used for plumbing drain and vents. Most new construction will use ABS plastic instead. |
| Caulking |
A flexible material used to seal a gap between two surfaces. Frequently used around windows, between a bathtub and tile, and to fill gaps in exterior siding. |
| CC&Rs |
See covenants, conditions and restrictions. |
| Ceiling (financial) |
The maximum allowable interest rate of an adjustable rate mortgage. |
| Chair rail |
Molding on a wall at the height of a chair back. |
| Change order |
A document that modifies the terms, specifications or price of a Contract. |
| Circuit breaker |
A switchlike device that allows a maximum of current (amperes) into the wiring of a home. Above that current it will break or disconnect the wiring from the electrical service. The device can be reset by moving the switch level back to the original position. |
| Cistern |
A tank to catch and store rainwater. |
| Clear title |
A land title that doesn't have any liens (including a mortgage) against it. |
| Closing |
The conclusion of your real estate transaction; includes the delivery of the property title, signing of your legal documents, and the distribution of the funds necessary for the sale of your home. |
| Closing |
The conclusion of the sales transaction, when the seller transfers title to the buyer. |
| Closing costs |
Costs for services performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, and surveying fees. |
| Closing statement |
A detailed written summary of the financial settlement of a real estate transaction, showing all charges and credits made and all cash received and paid out. |
| Code |
Rules created and enforced by governments and trade organizations to set required building design and construction requirements. |
| COFI |
See Cost-of-funds index. |
| Commission |
Money paid to a real estate agent or broker for negotiating a real estate or loan transaction. |
| Comparables |
Properties that are similar to a particular property used to compare and establish a value for that property. |
| Concrete block |
A hollow concrete brick, often 8 inch x 8 inch x 16 inch in size, that is used to build walls. |
| Concrete board |
A panel made out of concrete and fiberglass used as a tile backing material. |
| Conforming loan |
A mortgage loan that meets all requirements to be eligible for purchase by federal agencies. |
| Contingency |
A requirement in a contract stating that some or all of the terms of the contract will be void unless certain specified requirements are met. |
| Contractor |
A company licensed by the state or other government to perform construction and remodeling projects. There are various types of contractors: General contractor-A contractor that takes responsibility to organize and coordinate all the trades people necessary to complete a remodeling project. Subcontractor-A contractor who works for a general contractor. |
| Convertible ARMs |
A type of ARM loan with the option to convert to a fixed-rate loan during a given time period. |
| Conveyance |
The document used to effect a transfer, such as a deed, or mortgage. |
| Cost-of-funds index (COFI) |
An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District. |
| Covenants, conditions and restrictions (CC&Rs) |
The restrictions governing the use of real estate, usually enforced by a homeowners' association and passed on to the new owners of a property. |
| Crawl space |
A shallow, unfinished space beneath the first floor of a house that has no basement. |
| Credit insurance |
Insurance that will pay off a loan if a borrower dies or becomes disabled or in case of other events that are covered by the policy. |
| Credit limit |
The maximum amount that you can borrow under a home equity plan. |
| Credit report |
A summary of your loan activity and payment history; used to determine if you are safe to lend money to. |
| Credit Score |
A calculation that provides a single number indicating your credit worthiness. It is a single number that summarizes your credit report. |
| Creditor |
A person or bank to whom a debt is owed. |
|
| D |
| Debt-to-Income ratio |
The measurement of debt payments to gross household income used to determine how much can be lent to a borrower. |
| Deed |
A legal document by which title to real property is transferred from one owner to another. |
| Default |
Failure of one or both parties to meet legal obligations in a contract. |
| Delinquency |
Failure to make payments as agreed. |
| Depreciation |
A loss in value of an asset, such as a home or a car. |
| Disclosure |
The making known of a fact that may not be obvious about a home that is for sale. |
| Discount points |
A fee paid to lender at the time that you get your loan to reduce the interest rate or otherwise change the terms of the loan. Also called points. |
| Dormer |
A projecting section of framing from a sloping roof, usually containing a window or vent. |
| Double-hung window |
A window with two vertically sliding sections; very common in older homes and new homes of certain styles. |
| Dry rot |
A fungus that slowly destroys wood. |
| Drywall or Sheetrock |
The most common material used to finish interior walls. Sheets are screwed or nailed to framing, dents and depressions are filled, and a texture applied. |
