| Term | Definition |
|---|
| closing statement | A detailed written summary of the financial settlement of a real estate transaction, showing all charges and credits made, and all cash received and paid out. |
| cloud on title | A claim or encumbrance that may effect title to land. |
| co-op | See cooperative housing or cooperative sale. |
| co-tenants | Two or more tenants who rent the same property under the same lease or rental agreement. Each co-tenant is 100% responsible for carrying out the rental agreement, which includes paying the entire rent if the other tenant skips town and paying for damage caused by the other tenant. |
| collateral | Something of value deposited with a lender as a pledge to secure repayment of a loan. |
| commingling | The illegal practice of combining or mixing clients' funds with the agent's own funds. |
| commission | The compensation paid to a licensed real estate broker or by the broker to the salesman for services rendered. Usually a percentage of the selling price of the property. |
| Community Reinvestment Act | The federal law which requires federally regulated lenders to describe the geographical market area they serve. Deposits from that area are to be reinvested in that area whenever practical. |
| comparables | Properties which are similar to a particular property and are used to compare and establish a value for that property. |
| compound interest | Interest which is computed on the principal and any unpaid accumulated interest. Contrast with simple interest. |
