A B C D E F G H I J K L M N O P Q R S T U V X Y Z

Call option

• A clause in a loan agreement that allows a lender to ask for the balance at any time.
  

Can lights

• Cylindrical chambers with bulbs recessed into the ceiling.
  

Cancellation clause

• A clause that details the conditions under which each party may terminate the agreement.
  

Cantilever

• A projecting structure supported on one end, such as a balcony.
  

Cap

• A limit on the amount the interest rate or monthly payment can increase in an adjustable-rate mortgage.
  

Cape Cod style

• A wood-frame or shingled house with a steep roof and several windows projecting from the second floor.
  

Capital

• Money used to create income, such as funds invested in rental property.
  

Capital expenditure

• The cost of making improvements on a property.
  

Capital gains

• Profits an investor makes from the sale of real estate or investments.
  

Capital gains tax

• A tax placed on the profits from the sale of real estate or investments.
  

Capital improvement

• Any improvement that extends the life or increases the value of a piece of property.
  

Capitalization

• A mathematical formula that investors use to compute the value of a property based on net income.
  

Capitalization rate

• The percentage rate of return estimated from the net income of a piece of property.
  

Caravan

• A group of real estate agents who tour a house that has been recently listed for sale.
  

Carport

• A roof that covers a driveway or other parking area.
  

Casement window

• A window hinged on its sides to allow it to swing open vertically.
  

Cash flow

• The amount of cash a rental property investor receives after deducting operating expenses and loan payments from gross income.
  

Cashier's check

• A check the bank draws on itself rather than on a depositor's account.
  

Cash-out refinance

• The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner.
  

Cathedral ceiling

• A high open ceiling formed by finishing exposed roof rafters.
  

Cavedium

• A courtyard or atrium.
  

Caveat

• A formal notice, that asks a court to suspend action until the party which filed the challenge can be heard.
  

Caveat emptor

• A legal principle derived from Latin than means "let the buyer beware."
  

Ceiling height

• The standard height of a ceiling is eight feet.
  

Central air conditioning

• A device that generates cold air through an outside unit that is connected to ductwork inside the house.
  

Central business district

• The area of a city where most large businesses are located.
  

Certificate of Deposit (CD)

• A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution.
  

Certificate of deposit index

• An index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable-rate mortgages.
  

Certificate of eligibility

• A document issued by the Veterans Administration that verifies the eligibility of a veteran for a loan program.
  

Certificate of occupancy

• A document which states that a home or other building has met all building codes and is suitable for habitation.

Column

• A slender upright structure that consists of a base, a round or square shaft and a capital.
  

Column footing

• The support base for a load-bearing column. The footing is usually made of reinforced concrete.
  

Co-maker

• A person who signs a promissory note with the borrower and assumes responsibility for the loan.
  

Combination door

• An outer door with interchangeable screen and glass panels.
  

Combination window

• A window with interchangeable screen and glass panels.
  

Commercial bank

• A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards.
  

Commercial property

• An area that is zoned for businesses.
  

Commingling

• The mixing of money held in trust with other funds.
  

Commission

• The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.
  

Commitment

• A promise by a lender to make a loan with specific terms for a specified period.
  

Commitment fee

• The fee a lender charges for promising to make a loan.
  

Common area

• An area inside a housing development that is owned by all residents.
  

Common-area assessments

• Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve or operate common areas.
  

Common-interest development

• A project composed of individually owned units that share usage and financial responsibility for common areas.
  

Common law

• A body of laws based on custom, usage and rulings by courts in various jurisdictions.
  

Community property

• Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.
  

Community Reinvestment Act

• A federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live.
  

Commute

• The distance and time it takes a person to reach the workplace.
  

Comparables

• Properties used as comparisons to determine the value of a certain property.
  

Comparative market analysis (CMA)

• An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.
  

Competent

• A term for a buyer who is legally fit to enter into a sales contract.
  

Compound interest

• The interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan.
  

Concrete tilt-up

• The process of pouring concrete into forms on the ground, allowing the forms to harden and then raising the material to a vertical position to form walls.
  

Condemnation

• The process the government uses to take private property for public use without the consent of the owner.
  

Conditional commitment

• A promise by a lender to make a loan if the borrower meets certain conditions.
  

Condominium

• Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
  

Condominium conversion

• The change in title from a single owner of an entire project or building to multiple owners of individual units.
  

Conduit

• A metal pipe that houses electrical wiring.
  

Consent judgment

• A binding written agreement between two parties to have a judgment entered and recorded.
  

Cross-bridging

• The strengthening of a structure by bracing cross members between beams.
  

Cul de sac

• A street or alley that is closed at one end.
  

Cupola

• A dome-like structure that sits on top of a roof.
  

Curable defect

• A deficiency in a property that is easy or inexpensive to fix, such as chipping paint.
  

Curb appeal

• The first impression of a house as seen from the street.
  

Curtain wall

• An exterior wall that encloses a yard or other area but does not provide any structural support to a home.
  

Custom builder

• A builder who constructs a home or building based on plans created by the owner.
  

Custom home

• A structure designed by an architect hired by the owner.

If you are buying or selling a home in Mississauga or Brampton area, you've got to have Martin as your Mississauga Real Estate Agent.   Martin has earned the respect and admiration of his most important critics; his clients.  Martin sells all types of residential properties: houses, condominiums, townhouses and waterfront.