David Saks: David Saks' Glossary of Real Estate & Mortgage Terms : The C's

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David Saks' Glossary of Real Estate & Mortgage Terms : The C's


David Saks'

Glossary of Real Estate and Mortgage Terms




A limit on how much the interest rate or monthly payment of an ARM can change, either at each adjustment or during the life of the mortgage. Payment CAP's don't limit the amount of interest the lender is earning so the may cause negative amortization.

Certificate of Eligibility

A certificate obtained by a veteran from a Veteran's Administration office which states that the veteran is eligible for a V.A. insured loan.

Certified Copy

A true copy, attested to be true by the officer holding the original.

Cestui que trust

One having an equitable interest in property, legal title being vested in trustee.

Chain of Title

The chronological order of conveyancing of a parcel of land, from the original owner to the present owner.


Personal property.

Closing Statement

The statement which lists the financial settlement between buyer and seller, and also the costs each must pay. A separate statement for buyer and seller is sometimes prepared.

Cloud on Title

An invalid encumbrance on real property, which if valid, would affect the rights of the owner.


Equally responsible for repayment as the borrower.


A written promise to make or insure a loan for a specified amount and on specified items.


Properties used as comparisons to determine the value of a specified property.


A structure of two or more units, the interior space of which are individually owned.

Construction Loan

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


The dependence upon a stated event which must occur before a contract is binding.

Contract of Sale

Depending on area of country it may be a Land Contract or a Purchase Agreement.

Closing Cost

Expenses incurred in the closing of a real estate or mortgage transaction.

Conventional Mortgage

A loan neither insure by the FHA nor guaranteed by the VA.

Conversion Clause

A provision in some ARMs that allows you to change the ARM to a fixed-rate loan at some point during the term. Usually the conversion is allowed at the end of the first adjustment period. At the time of the conversion, the new fixed rate is generally set at one of the rate then prevailing for fixed-rate mortgages. The conversion feature may be available at extra cost.

Cost Plus Contract

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

Contract Sales Price

The full purchase price as stated in the contract.


A division within a state, usually encompassing one or more cities or towns.

Certificate of Reasonable Value(CRV)

An appraisal of property for the purpose of insurance by the Veteran's Administration.

David Saks

Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • July 18 2008 05:34PM


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