Real Estate Glossary C
(Certificate of Occupancy to Co-brokerage)
Certificate of Occupancy
Document issued by the building department of the town, stating that
the house has met all of the building codes and is habitable.
Certificate of Sale
Document issued by the court at a judicial sale, entitling the purchaser
to receive a deed once the court approves the purchase.
Certificate of Title
Attorney's opinion of the status of a title, which is attached to the
abstract of title.
Chapter Seven
Type of bankruptcy filing, a provision of the 1978 Bankruptcy Reform
Act, which provides for a person's property to be divided among creditors
to satisfy unpaid debts.
Chapter Eleven
Type of bankruptcy filing allowing restructuring and reorganization
of existing debts which is used most often by businesses. Creditors
must vote on a debt-paying plan and a judge must approve.
Chapter Thirteen
Type of bankruptcy filing in which a person's obligations are paid back
within a three year period, allowing the obligated party to pay off
debts without liquidating assets.
Classified Property Tax
Tax rate that varies depending on the usage of the property in question.
Cleaning Deposit
Nonrefundable fee to pay for the painting and cleaning of an apartment
or office after a tenant vacates the premises.
Closed Mortgage
Mortgage in which the collateralized property cannot be used as security
for another loan.
Closing
Legal procedure in which property ownership is transferred.
Closing Costs
Expenses incidental to the closing of title, which are in addition to
the price of the property. These items include loan, title and appraisal
fees.
Cloud on Title
A claim, lien or encumbrance, which, if valid, may impair the owner's
title to the property. Property can be transferred but its market value
may be reduced.
Cluster Housing
Planned subdivision where detached housing is located in close proximity
to each other and share common open space including recreation areas
and parking.
Co-brokerage
Two or more authorized brokers who agree to cooperate together in representing
a principal for the completion of a real estate sale.
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