Friday, May 17, 2024, 12:34 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
C
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. |
CONSTRUCTIVE EVICTIONBreach of the covenant warranting quiet enjoyment in a lease; when a landlord performs an act depriving the tenant of quiet enjoyment of the premises thereby causing the tenant to move. |
CONSTRUCTIVE NOTICENotice given by the public records; legal notice. |