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Real Estate Dictionary



Call Option - The right to buy an asset at a specified exercise price on or before a specified expiration date. A provision in the mortgage that gives the mortgagee the right to call the mortgage due and payable at the end of a specified period for whatever reason.

Capital - Money used to create income, either as an investment in a business or an income property. The money or property comprising the wealth owned or used by a person or business enterprise. The accumulated wealth of a person or business. The net worth of a business represented by the amount by which its assets exceed liabilities.

Capital Markets - Includes longer term, relatively riskier securities.

Cash Equivalent - Short term money market securities. See also Treasury Bills.

Cash Sale - A sale for full payment in cash.

Chattel - Personal property.

Chattel Real - All estates in real property less than fee estates, such as a lease.

City Building Plan - A plan in which there are all the definitions, restrictions and instructions for building a house in a certain area. There one can find also the building rights allowable and more. Called in Hebrew "Taba".

Client - In real estate it refers to the principal of a real estate agent, insurance agent, stock broker, etc. Traditional meaning is one who represented by an attorney. A client is someone who asks for a certain service. A client can be a seller, buyer, lessor or a lessee.

Closing - The final procedure in a real estate transaction in which documents are executed and recorded, and the sale or loan is completed. A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs. Also known as Settlement.

Collateral - In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the mortgage terms of or deed of trust. An asset (such as a car or a home) that guarantees the repayment of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract. Mortgage bonds are backed by claims on other securities.

Combination Deal - An Israeli nickname for an real estate rights exchange deal, in which the proprietor sells to an entrepreneur all of his land or part of it in exchange for shares of the building that will be built on the same land. The share of the seller (the combination percent) is the market value of it. There are different kinds of ways to do this deal.

Commission - An amount, usually a percentage, paid to an agent (real estate broker) as compensation for services. The amount is generally a percentage of the sales price or total rental. The commission can be charged from each side of a deal. Most salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction.

Commission Contract - Any contract between parties which defines and desribes the terms and definitions of the purpose of contact. The contract contain the details of both the realtor and the client, specific property/properties, for which there will be a percentage to pay for the realtor, in case there is a done deal.

Common Areas - Those portions of a building, land, and amenities owned or managed by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.

Compound Interest - Interest paid on the original principal balance and on the accrued and unpaid interest.

Comparable Sales - Recent sales of similar properties in nearby areas and used to help determine the market value of a property.

Condemnation - The determination that a building is not fit for use or is dangerous and must be destroyed; the taking of private property for a public purpose through an exercise of the right of eminent domain.

Conditional Sales Contract - A sale in which the title to property remains with the seller until the purchaser has fulfilled the terms of the contract, usually payment in full.

Condominium - A real estate project in which each unit owner has title to a unit in a building, an undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas. A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership. A structure of two or more units, the interior space of which is individually owned; the balance of the property (both land and buildings) is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaces of the exterior walls, floors, and ceiling. The balance of the property is called the common area. A new form of condominium agreement is for all or a portion of the land exclusive of the building, sidewalks, and driveways. A system of individual fee simple ownership of portions (units) in a multi-unit structure, combined with joint ownership of common areas. Each individual may sell or encumber his own unit.

Consent Money - A payment the lessee must pay to the Minhal for leasing rights transfer. In Hebrew called "Dmei Haskama".

Consumer Price Index- Index of the cost of all goods and services for a typical consumer.

Contingent Fees - Fees to be paid only in the event of a future occurrence. A broker's commission is paid only if the property is sold or leased (unless otherwise agreed upon). A broker may be paid a fee that counts toward a commission in the event a property is purchased, but it may be forfeited if a transaction does not take place within a time certain.

Contract - An agreement between two or more people or entity, which creates or modifies a legal relationship. Generally based on offer and acceptance. An oral or a written agreement to do or not to do a certain thing. See also Agreement of Sale.

Contractor - One who occupies in the construction of buildings.

Cooperative - A system of individual ownership of stock in a corporation that in turn, owns the structure. Each owner has an exclusive right to use his individual unit and must pay his portion of the debt encumbering the entire building.

Cooperating Broker - The broker who finds the buyer and so shares in the commission with the listing broker.

Covenant - Refers to any written agreement. In real estate the covenant is most often expressed in a deed by the grantor or implied by law.

Conventional Mortgage - A mortgage that is not insured or guaranteed by the federal government. Contrast with government mortgage.

Cottage - A small house with a single story. In Israel more than one story house not necessarily connected to the ground.

Customer - A buyer of goods or services.

Credit - An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.

Cross Holdings - One corporation holds shares in another firm.

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