Real
Estate Markets are very different and many
things are handled differently from one
state to another. We have assembled a
glossary of the most common terms used in
the Florida Real Estate Market to assist
our American clients and the many
international clients from Canada, United
Kingdom and other countries across the
world.
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Capital gain
The profit from the sale of an asset,
including real property
Capitalization rate
The relationship between the net income
from a real estate investment and the
present value
Cashflow
The resulting amount when annual debt
service, tax liability, and capital
improvement costs are subtracted from net
operating income
Caveat emptor
Let the buyer beware!
Clause
A distinct provision in a written document
Closing
Final settlement between the buyer and
seller, the date on which title passes
from the seller to the buyer.
Cloud on title
Any defect, valid claim, or encumbrance
that serves to impair the title or curtail
an owner's rights.
Commercial
A classification of real estate that
includes income-producing properties such
as office buildings, gasoline stations,
restaurants, shopping centers, hotels and
motels, and parking lots. Commercial
property usually must be zoned for
business purposes
Commission
Compensation paid to a broker or sales
associate for successfully concluding a
real estate transaction.
Common Law
A system of law based on accepted customs
and traditions
Community
Collection of homes typically built by a
single developer, sometimes gated - also
referred to as a sub-division, similar to
a new housing estate in the UK
Comparative market analysis (CMA)
An informal estimate of market value
performed by a real estate licensee for
the seller to assist in arriving at an
appropriate listing price, or if working
with the buyer, an informal estimate of
market value to assist the buyer in
arriving at an appropriate offering price
Condemnation
The taking of private real property for a
public purpose under the right of eminent
domain for a fair price.
Condominium
A multiunit project consisting of
individual ownership of a dwelling unit
and undivided ownership of common areas
Construction Lien
A claim based on the principle of "unjust
enrichment, favors parties who have
performed labor or delivered materials or
supplies for the repair or building of an
improvement to real property
Contract
An agreement between two or more competent
parties to do, or not do, some legal act
for a legal consideration.
Contract for Deed
A financing technique wherein the seller
agrees to deliver the deed at some future
date and the buyer takes possession while
paying the agreed amount
Conventional mortgage
A real estate loan granted that is neither
FHA-insured nor VA-guaranteed
Convertible mortgage
A financing instrument allowing a change
from an adjustable-rate to a fixed-rate
mortgage.
Conveyance
Written instrument that serves to transfer
an interest in real property from one
party to another
Cooperative
A multiunit project consisting of
individual dwelling units owned by the
corporation in which the individual
apartment tenants own stock rather than
owning their respective units.
Co-ownership (concurrent or multiple
ownership)
Title to real property held by two or more
persons at the same time
Corporation
An artificial or fictitious person formed
to conduct specified types of business
activities.
Counteroffer
A rejection of the original offer by
proposing a new offer, thereby terminating
the original offer
Covenant
A warranty. guarantee, or promise formally
given in a legal document
Creditor
A lender; person or business entity to
whom a debt is owed
We hope you found the above links useful,
and
remember, if you have any questions
regarding buying or selling your Florida
Holiday Home or permanent residence in
the Disney Orlando area please contact
us - we look forward to your call.
