Monday, May 6, 2024, 1:14 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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COMPETENT PARTIESThose who are qualified or mentally competent to enter into a contract. |
COMPOUND INTERESTInterest paid both on the original principal and on interest accrued from the time it fell due. |
CONCURRENT OWNERSHIPThe ownership of property by two or more people. |
CONDEMNATIONThe process by which property of a private owner is taken for public use, with just compensation to the owner, under the right of eminent domain. |
CONDITIONAL SALE - Civil Law TermA sale which includes conditions. |
CONDOMINIUM OWNERSHIPThe individual outright ownership of a single unit in a multi-unit property together with an interest in the common elements of that property. |
CONFESSION OF JUDGMENT - Civil Law TermA statement of acknowledgment of debt of principal, interest, and other costs. It is a mandatory statement in a collateral mortgage and the words "confess judgment" must appear in the terms of the mortgage. |
CONFUSION - Civil Law TermThe merging of ownership of both dominant and servient estates by the same person. |
CONSIDERATIONValuable consideration, a promise or an act of legal value bargained for and received in return for a promise; good consideration, love and affection. |
CONSTRUCTION LOANA short term loan for building or repairing properties allowing the disbursement of funds at designated intervals as the work progresses. |