Real Estate City Glossary

Real Estate City Glossary C
(Certificate of Occupancy - Co-brokerage)

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| P1 | P2 | Q | R1 | R2 | S1 | S2 | T1 | T2 | U | V1 | V2 | W1 | W2 | X | Y | Z

Certificate of Occupancy
Document issued by the building department of the town, stating that the house has met all of the building codes and is habitable.

Certificate of Sale
Document issued by the court at a judicial sale, entitling the purchaser to receive a deed once the court approves the purchase.

Certificate of Title
Attorney's opinion of the status of a title, which is attached to the abstract of title.

Channelling
A prescribed area in a liner pattern on any surface, usually in concrete or plaster.

Chapter Seven
Type of bankruptcy filing, a provision of the 1978 Bankruptcy Reform Act, which provides for a person's property to be divided among creditors to satisfy unpaid debts.

Chapter Eleven
Type of bankruptcy filing allowing restructuring and reorganization of existing debts which is used most often by businesses. Creditors must vote on a debt-paying plan and a judge must approve.

Chapter Thirteen
Type of bankruptcy filing in which a person's obligations are paid back within a three year period, allowing the obligated party to pay off debts without liquidating assets.

Chargor
The one who gives the charges; the borrower or bebtor.

Chattel
Moveable possessions and personal property.

Clauses
Wording inserted in agreements/ntracts to accurately reflect the wishes of the parties.

Classified Property Tax
Tax rate that varies depending on the usage of the property in question.

Cleaning Deposit
Nonrefundable fee to pay for the painting and cleaning of an apartment or office after a tenant vacates the premises.

Closed Mortgage
Mortgage in which the collateralized property cannot be used as security for another loan.

Closing
Legal procedure in which property ownership is transferred.

Closing Costs
Expenses incidental to the closing of title, which are in addition to the price of the property. These items include loan, title and appraisal fees.

Cloud on Title
A claim, lien or encumbrance, which, if valid, may impair the owner's title to the property. Property can be transferred but its market value may be reduced.

Cluster Housing
Planned subdivision where detached housing is located in close proximity to each other and share common open space including recreation areas and parking.

Co-brokerage
Two or more authorized brokers who agree to cooperate together in representing a principal for the completion of a real estate sale.