Thursday, May 16, 2024, 8:43 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
C
CHATTELPersonal property which is tangible and movable. |
CHATTEL MORTGAGEA mortgage covering personal property. |
CIVIL CODECivil Law Term: In Louisiana, the system of law as distinct from the common law of other states; handed down from the French and Spanish settlers who established their system of laws before the Louisiana Purchase. |
CLIENTThe principal to a real estate transaction who employs the agent. |
CLOSINGThe time when a transaction is consummated, or the actual signing over of the documents and delivery of the deed; the time after signing when the documents are recorded. |
CLOSING STATEMENTA statement of settlement made by a broker or an escrow company that reflects the financial position of the buyer and seller in that particular real estate transaction. |
CLOUD ON TITLEAny conditions revealed by a title search which may affect or impair the owner's title to property because of their apparent or probable validity. |
CO-OWNERSHIP - Civil Law TermThe only method by which more than one party can own property in Louisiana. Involves undivided fractional interests of ownership, not necessary equal in proportion. |
CODICILA supplement or addition to a will which adds to, subtracts from, alters, revokes or qualifies the provisions of a will. |
COLLATERAL - Civil Law TermA person with equal claim of inheritance; brothers and/or sisters from the same parents. This term is also used to indicate money or preferably real property pledged to guarantee the payment of a debt. |