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Ma Real Estate C-2

Terms & Definitions C-2

Competency The state of having legal contractual capacity.
Competent Party One who has the legal capacity to enter into a contract.
Concurrent Estate Ownership by two or more persons at the same time. EXAMPLE: Joint tenancy, tenancy by the entirety, tenancy in common.
Condemnation The administration or judicial procedure used when taking land by local, state or federal government for the public good called eminent domain.
Condemnee The property owner having title taken by eminent domain.
Condemnor The agency taking title to property by eminent domain.
Condominium An estate in real property in a multiple unit residential, or commercial building consisting of the interest in an individual unit ,plus an undivided interest along with other unit owners in common areas.
Condominium Budget The annual forecast of monies necessary to finance the Condominium Common Expenses.
Condominium Fee That part of the condominium budget for which the unit owner is responsible (% of common ownership Times condo budget = condo fee. Usually computed for monthly payments).
Condominium Square Footage The number of square feet of space within an individual condominium unit.
Condominium Trust; Condominium Association The Management group of unit owners elected by the unit owners to manage the condominium’s business as required by M. G. L. chapter 183A.
Condo "Super Lien" April 1993 change to Mass General law chapter 183 that allows the condominium association to collect up to 6 months due condo fees, if available upon foreclosure; after taxes due, but before mortgage liens.
Confidentiality That part of the responsibility of loyalty in agency law that deals with matters of disclosure. The broker must disclose material facts about the property, but not personal facts about the principal that may not be in the principal's interest.
Conformity The principle which holds that a house will hold its value better in an area of like type houses.
Consent One agreeing to terms of a contract does so without duress. Demonstrated by a Notary Public taking parties acknowledgment that this is their free act and deed.
Conservator An individual appointed by the court to act as a guardian.
Consideration Something given in exchange for something from another. Can be an article or a promise to do something. In real estate it's usually money exchanged for property as in a deed or money in exchange for a promise to perform as in a Purchase and Sale Agreement
Created by: sunaecm4