Real Estate Glossary
Browse the glossary using this index
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competent partiesa 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. | |
complainantA person who makes a complaint or instigates legal action against another. | |
Computerized Loan Origination (CLO)computer network connected into a major lender that lets agents everywhere to initiate loan application in their own offices. | |
condemnationis the process or legal action required by the government to exercise its power of eminent domain. | |
condition adjustmentare adjustments made by the appraiser to estimate a subject's value accounting for the homeowner maintenance, or the lack thereof. The appraiser must obtain detailed information about the subject’s condition and the condition of the comparables in order to accurately adjust for this factor. Condition adjustments can be based on the cost to cure the deficiency. Generally, when the typical purchaser is evaluating a potential purchase they will take into account the cost to cure known maintenance issues. If a roof needs to be replaced, the typical purchaser will discount the price to be paid by the cost to replace the roof covering. The appraiser can use the cost to cure to adjust for condition differences when estimating value. | |
condominiumis property ownership whereby each owner of a single unit also owns some common area jointly (as tenants in common) with the other unit owners. | |
Condominium DeclarationDocument filed to create a condominium which establishes the owner’s intent to create this special category of real estate ownership. Declaration includes the full legal description and the administrative structure of the condominium and the Condominium Association; including identifying and creating board positions, election procedures as well as powers and duties. | |
Condominium’s Rules and Regulationsdocument filed with the condominium declaration which will contain rules passed by the condominium’s administrative officers who may limit certain activities such as the ability to rent units, the ability to park certain vehicles, the assignment of parking spaces, and rules that may affect a variety of other activities. | ||