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Ma Real Estate C-3

Terms & Definitions C-3

TermDefinition
Constructive Eviction Action by the landlord, that makes it impossible to remain and therefore effectively terminates the tenancy (as opposed to actual eviction).
Construction Mortgage A mortgage designed to finance the building of a new house or other building.
Contract A legally enforceable agreement between competent parties to perform a certain act for consideration.
Contract for Deed See 'Installment Contract'.
Contribution The appraisal principle, that deals with the amount of increase in value to a piece of property, caused by improvements to the property (may be more or less than cost of the improvement).
Conventional Mortgage A mortgage that is not insured (F H A loan) or guaranteed (V A loan) by the federal government. Includes loans backed by Private Mortgage Companies (P M I).
Cooperative Ownership A form of ownership where stock purchased in a corporation, partnership or trust entities the owner to occupancy of one particular unit.
Corporeal Interest in property, that is tangible such as buildings or trees as opposed to intangible such as an easement or lease.
Cost Approach Method of real estate appraisal, that estimates value by calculating replacement or reproduction cost.
Counter Offer The one receiving an offer (Offeree) responds by offering a new set of terms as a new offer. The original Offeree then becomes the new offeror.
Covenant Against Encumbrances Promises made by the grantor in a warranty deed, that the property is free of all encumbrances not stated in the deed.
Covenant of Further Assurance Promises made by the grantor in a warranty deed, that they will take any future action necessary to correct any title defects.
Covenant of Quiet Enjoyment Promises made by the grantor in a warranty deed, that the grantee will hold the property free from the claims of third parties.
Covenant of Right to Convey Promises made by the grantor in a warranty deed, that they have the right to convey title.
Covenants of Seisen Promises made by the grantor in a warranty deed, that they are in possession and hold title.
Covenant of Warranty Promises made by the grantor in a warranty deed, that they will defend against any claim against the title by a third party.
Cul-de-sac A road with an entry at one end and a circular turn around area at the other end.
Curtesy The right of the husband to share of his wife's estate at the time of her death. (In Mass, curtesy rights are one-third of the wife’s estate at the time of her death).
Customer The third party in law of agency between a principal, and an agent for whom some service is performed. When a seller (principal) hires a broker (agent) to sell a house; the buyer is the customer.
Created by: sunaecm4