Real Estate Glossary

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C

closing statement

Detailed cash accounting of a real estate transaction made by a broker, escrow officer, attorney or other person designated to process the mechanics of the sale, showing all cash received, all charges and credits made, and all cash paid out in the transaction. May also be called a settlement statement.

coinsurance clause

a clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to 80% of the property's actual replacement cost.

commission

payment to a broker for services rendered, such as in a sale or purchase of real property.

community association manager

a person who provides only community association manager servies acting on behalf of a broker. A community assocation manager is responsible for the operation of the affairs of a community association, which includes overseeing the daily operations of an association.

community property

is a form of ownership where both spouses have an equal interest in property acquired during the marriage. Spousal interest can be created per state law for all property not considered separate property even if the deed is silent or if the real estate was purchased and title only named one spouse.

Community Reinvestment Act of 1977 (CRA)

under the act, financial institutions are expected to meet the deposit and credit needs of their communities, participate and invest in local community developement and rehabilitation projects; and participate in loan programs for housing, small businesses, and small farms.

comparable

refers to a suitable substitute that has similar attributes and characteristics of the subject that can be used to help determine the market value of the subject.

Keyword(s):

competent parties

a person who can legally enter a contract. This means that the person must be of legal age and of sound mind. If it is a business entity they must have authority to bind the business.

competitive market analysis (CMA)

A comparison of the prices of recently sold homes that are similar to listing seller's home in terms of location, style, and amenities.

complainant

A person who makes a complaint or instigates legal action against another.

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