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| Term | Definition |
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| 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. | | counter offer | The rejection of an offer to buy or sell that simultaneously makes a different offer, changing the terms in some way. For example, if a Buyer offers $160,000 for a home, and the Seller replies that he wants $175,000, the Seller has rejected the Buyer's offer of $160,000 and made a counteroffer to sell at $175,000. The legal significance of a counteroffer is that it completely voids the original offer, so that if the Seller decided to sell for $160,000 the next day, the Buyer would be under no legal obligation to pay that amount for the property. | | covenant | A restriction on the use of real estate that governs its use, such as a requirement that the property will be used only for residential purposes. Covenants are found in deeds or in documents that bind everyone who owns land in a particular development. See Covenants, Conditions & Restrictions. |
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