FIND THE DEFINITION FOR ANY REAL ESTATE TERM

Click on the letters above for terms beginning with that letter, and then click on the term below.

Don’t see a term here?  Feel free to ask us.  (Unfortunately, however, we cannot give you real estate or legal advice.)

CAPE COD – A one and a half story house with a high gabled roof to allow for rooms upstairs, sometimes with dormer windows extending out from the roof.

CAPITAL GAINS – The profit made from selling a property or other investment.

CAPITAL GAINS TAX – The federal tax on capital gains from the sale of real estate.  If a property has been an owner’s primary residence for the two of the last five years, the owner may be excluded from paying tax on a certain amount of profit.  Married couples filing jointly can take an exclusion up to $500,000 in profit.  Single taxpayers may take an exclusion up to $250,000.

CAPITALIZATION – A mathematical process for estimating the value of a property.  The value would be found by taking the yearly Net Operating Income and dividing it by the accepted capitalization rate for the area.

CHAIN OF TITLE – The line of succession of ownership, transactions and documents for a particular piece of property.

CLOSING COSTS – Additional money required at settlement, aside from money to cover the purchase price.  May be owed by a buyer or seller.

COLONIAL – A two or two and a half-story house which is basically symmetrical in design, usually with a gabled roof.  Also what agents call a house when they don’t know what else to call it.

COMMON SOURCE INFORMATION COMPANY – Generally referring to a MULTIPLE LISTING SERVICE.  Utilized by real estate agents to allow them to cooperate with other real estate companies in the purchase and sale of property.

CONDEMNATION – The process through which the government exercises the right of eminent domain.

CONTINGENCY – A condition in a contract, which, if not met, would terminate the contract.  If conditions are not met, through no fault of either party, all deposit monies would be returned, and all obligations would be ended.

CONTRACT – A voluntary agreement between competent parties (sound mind and legal age), to do or not to do, some legal act or acts, within a timed period, for a legal consideration (compensation).

CONVENTIONAL LOAN – A loan that is not insured or guaranteed by the federal government.

CREDIT – Funds or monies that a buyer or seller receives at settlement.  Listed by item on a settlement sheet.

CREDITOR – A party that a debt is owed to.

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