A coupon book is provided by mortgage lenders to borrowers, containing a set of preprinted coupons that detail the account number, payment amount, and due date for each monthly mortgage payment. It simplifies the payment process, helping borrowers keep track of their payments.
A court in real estate refers to various concepts including a government institution resolving legal disputes, a sports facility within a subdivision or apartment complex, or an open area next to buildings like courtyards.
A covenant is a legally-binding promise incorporated into deeds and other official instruments, stipulating the performance or non-performance of specific acts or the restriction or enforcement of certain property uses.
A legal clause wherein one party agrees not to engage in similar business activities within a specific geographical area and amass a following that provides competitive advantages, typically used in business sales or employment contracts.
A 'Covenant Running With The Land' is a legal stipulation imposed on property that binds current and future owners to adhere to specified restrictions or obligations. These covenants are usually included in property deeds and remain in effect even as the land changes ownership.
Covenants and Conditions (Restrictions), often referred to as CC&Rs, are contractual limits tied to the property that impose certain rules or obligations on property owners.
The CPM (Certified Property Manager) is a professional designation conferred by the Institute of Real Estate Management (IREM). It signifies a high level of competence and ethical standard in property management.
A 'Cram Down' refers to a situation in bankruptcy proceedings where a bankruptcy court forces creditors to accept terms of repayment that are less favorable than the creditors might have wanted. This is commonly applied to various classes of debt to reduce the amount due and reconfigure the debt structure to favor the debtor's repayment capabilities.
A crawl space is a narrow, unfinished area between the ground and the first floor of a building, typically not tall enough for standing, used to access electrical wiring, plumbing, and HVAC systems.
The CRB Certified Real Estate Brokerage Manager is a professional designation conferred by the Real Estate Business Institute (REBI) to signify excellence and advanced knowledge in real estate brokerage management.
Creative financing refers to any financial arrangement utilized to purchase real estate that deviates from the traditional mortgage offered by third-party lending institutions.
Credit in real estate finance pertains to the availability of borrowed money and the trust extended by lenders to borrowers. It also includes accounting implications, reflecting liabilities or equity on the right side of the ledger.
Credit (Mortgage) Scoring entails evaluating and rating a loan applicant based on their creditworthiness, impacting eligibility for standard or sub-prime mortgage terms.
Credit Default Swaps (CDS) are financial agreements that function as a form of insurance against the default of a borrower. They allow the transferral of credit risk between parties.
A Credit Default Swap (CDS) is a financial derivative contract in which a buyer makes periodic payments to a seller in exchange for compensation if a third party defaults on a loan or bond. Unlike insurance, the buyer doesn’t need to have a vested interest in the third party.
Credit enhancement refers to a range of strategies or instruments used to reduce the risk of lending to a particular individual or company, thereby increasing their credit quality.
Credit history refers to an individual's past behavior involving the taking out and repayment of loans and the use of revolving credit, such as credit cards. Credit histories are recorded by national credit reporting companies who issue credit reports. These reports are used by lenders to assess an applicant’s creditworthiness.
Credit life insurance is a policy that pays off a borrower's debt if they die or sometimes if they become disabled. It contrasts with mortgage insurance, which is specifically designed to protect lenders from defaults.
A credit limit represents the maximum amount a financial institution extends as a loan or line of credit to an individual or business based on their creditworthiness and financial background.
A Credit Rating (Report) is an evaluation of an individual's or business's capacity and history of debt repayment. It provides creditors with an understanding of a borrower's reliability, aiding in the decision-making process for loans and credit.
A Credit Rating Service or Credit Bureau is an organization that provides information regarding the creditworthiness of a prospective borrower. These agencies, also called consumer reporting agencies (CRAs), are essential for lenders to assess the risk of lending to individuals and businesses.
A credit score is a numerical expression that represents the creditworthiness of an individual, predicting the likelihood that the individual will default on a loan based on their credit history.
A Credit Tenant is a commercial tenant that is large, financially stable, and well-rated by credit agencies, which can influence favorable terms for mortgage financing based on the tenant's creditworthiness.
A Credit Union is a nonprofit financial institution that is federally regulated and owned by the members or people who use its services. Credit unions serve groups with a common interest, and only members may use the available services.
A creditor is an entity or person to whom money is owed by a debtor. In a strict legal sense, a creditor is one who extends credit to another for money or other property. More generally, a creditor is someone who has a legal right to demand and recover from another entity a sum of money on any account.
Creditworthiness is a measure assessing a person's ability to qualify for and repay a loan. It influences loan approvals, interest rates, and credit limits.
CREW Network is a pivotal business networking organization dedicated to promoting and supporting the achievements of women in the commercial real estate industry. With over 8,000 active members representing various roles in the sector, it serves as a key platform for professional growth and industry advancement.
Cropland is property devoted to growing annual agricultural products. It is distinct from pasture and grazing land or range land. Cropland is eligible for agricultural use exemptions under specific conditions.
Certified Residential Specialist (CRS) is a designation awarded to experienced REALTORS® who have completed advanced training and demonstrated outstanding achievement in buying, selling, and managing residential real estate.
A Certificate of Reasonable Value (CRV) is a document issued by the Department of Veterans Affairs (VA) that establishes the maximum loan amount that the VA will allow for a property. It is a critical component in the VA home loan process, providing assurance of the property's value.
A cul-de-sac is a street with an intersection at one end and a rounded, closed turning area at the other, often valued in residential subdivisions for the privacy and limited traffic it provides.
A culvert is a structure that allows water to flow under a road, railroad, trail, or similar obstruction. They are often used for drainage purposes, constructed using materials like concrete, corrugated steel, or PVC.
Cumulative zoning is a type of zoning ordinance that permits lighter or less intense uses within areas designated for heavier or more intense uses. This can foster a mix of density and usage, potentially allowing for greater flexibility in urban planning and development.
Curable Depreciation refers to a type of property deterioration that can be corrected at a cost that is less than the value it will add to the property.
Curb appeal refers to the attractiveness of a property, particularly residential homes, as seen from the street, and is a critical aspect in real estate marketing and valuation.
Current yield is a measure of the annual income (interest or dividends) of an investment compared to its current price. It's a useful metric for investors looking to understand the income-generating potential of their investments over a short-term period.
Curtesy is a legal term referring to the right of a husband to all or part of his deceased wife's real estate, regardless of the provisions in her will. This right traditionally exists to ensure the husband's financial stability after his wife's death.
A custom builder constructs unique homes based on client specifications and architectural designs, offering bespoke solutions different from production or tract houses.
An estoppel certificate is a document used in real estate transactions to detail the current status and conditions of a lease agreement, providing verification of lease information to third parties, such as lenders or prospective buyers.
The Federal Fair Housing Law, part of the Civil Rights Act of 1968, is a measure aimed to ensure equal housing opportunities by prohibiting discrimination based on race, color, religion, sex, national origin, familial status, or disability.
The Mortgage Constant is derived by dividing the total annual mortgage debt service, including both principal and interest, by the initial loan amount. It provides a useful way of calculating the annual cost of a loan as a percentage, making it easy to compare different mortgage options.
