| Term | Definition |
|---|
| Consumer Credit Counseling Service (CCCS) | A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. The goal of CCCS is to insure that consumers repay the debts that they owe. CCCS may arrange easy payment plans that increase the chances for repayment, but harm a consumer's credit in the process. Agreeing to a payment plan and following it to the letter may not stop creditors from reporting delinquent repayment information to credit bureaus for each month the payment falls short of the previous minimum amount. |
| contingency | A provision in a contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event. A common example is a Buyer who enters into the purchase of another home before his current home is sold. The Buyer will usually ask for the Seller to make the sale contingent upon the sale of the Buyer's current home. If the Seller receives another offer for the property, the first Buyer must either agree to buy the home without any contingency, or step aside and let someone else purchase the home. |
| contract | A legally enforceable agreement to do, or not to do, a particular thing for a consideration. |
| contract for deed | A contract for the sale of real estate where the deed (title) of the property is transferred only after all the payments have been made. Also known as a land contract, agreement of sale, conditional sales contract, or installment contract. Buyers should be wary of this type of contract, since they can lose their entire investment if the owner declares brankruptcy, before the deed has been transferred. |
| contract for exchange of real estate | A contract for the sale of real estate in which the consideration is paid wholly or partly in real property instead of cash. |
| contract of sale | The agreement between the buyer and seller on the purchase price, terms, and conditions necessary to both parties to convey the title to the buyer. |
| conventional loan | A real estate loan, which is not insured by the FHA or guaranteed by the VA. |
| conveyance | Written instrument, such as a deed or lease, that evidences transfer of some ownership interest in real property from one person to another. |
| cooperative housing | (1) A form of real estate, usually a dwelling in which residents own shares, but do not directly own the space they inhabit. Rather, owning a share of the building entitles the shareholder with the right to inhabit a certain space within the dwelling, such as an apartment. Shares are usually proportional to the amount of space in each apartment. |
| cost approach to value | An estimate of value based on current construction costs, less depreciation, plus land value. Contrast with the income approach to value and the market data approach to value. |
