C Glossary Terms

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CANCELLATION CLAUSE
A clause in a contract that allows either party to terminate the contract under certain agreed conditions.

CAP
A limit placed on payments, interest rates and/or the balance of a loan. Caps can limit increases by either a dollar amount or a percentage.

CASH RESERVE
Lenders may require that a buyer have at least 2 months of mortgage payments available after closing.

CHAPTER 7
Legal declaration of debtors’ inability to discharge debts.

CHAPTER 13
Court-approved repayment plan for wage earners who have delinquent debts.

CLOSING
A meeting for the finalized sale of a property where documents are signed and monies exchanged.

CLOSING COSTS
Cost for expenses incurred during the transfer of the property that are paid by the buyer and seller. Closing costs are also known as settlement costs. The following items are examples of some costs: Attorney Fees, Points, Prepaid items, Title Insurance, and Transfer Taxes.

COMMITMENT
An agreement in writing between a lender and borrower to loan money at a future date subject to certain conditions.

CONDITIONAL SALES CONTRACT
A contract for the sale of a property in which transfer of title to the buyer is contingent on fulfillment of certain conditions/contingencies.

CONTRACT
An agreement between two parties for a legal consideration. Contracts must be in writing to be enforced. 

CONVENTIONAL MORTGAGE
Any mortgage that is not insured or guaranteed by the Federal Government. 

CONVEYANCE
The transfer of title real property from one party to another. 

COSIGNER
A person willing to sign a lease or a contract and bear responsibility for the enforcement of all the provisions of the lease or contract.

CREDIT REPORT
An individual’s credit history which is prepared by a credit bureau and used by a lender in determining a loan applicant’s creditworthiness.