|A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z|
|Real Estate Glossary – Real Estate Terms|
Real Estate Topics that Starts with C:
Certificate of Occupancy:
Certificate of Occupancy is a legal certificate that is issued by a Government body or building department certifying the building compliance with necessary building codes and other aspects. It is a certificate stating that the particular property is suitable and safe for occupancy.
This type of certificate is required when:
- A new building is constructed
- A building is constructed for one purpose and it is using in another purpose.
- Changes are made to the real estate property
- Change of ownership in case of commercial real estate, corporate real estate and multi residential real estate.
Certificate of Title:
Certificate of title is a legal certificate issued by local government. It contains a bundle of rights on a piece of property which a party may own either a legal interest or an equitable interest. The rights in the certificate may be separated and held by different parties. To say simply it is a certificate to show the evidence of ownership.
Clear title is the phrase used to state that the owner of a real property owns a particular land or building and clear from all obstructions. In a more clear sense, though the owner does not own clear title and the property is under the power of the owner then he can express clear title. The buyer who had enough money to satisfy the present owner will get the clear title after buying that property.
There is no much difference in Housing Cooperative and Condominiums. It is a form of residential real estate where a specific part of an apartment is owned by an individual and access to the common facilities are jointly owned by all the owners in the society subject to the agreement. A home owners association consisting of board members will maintain the common facilities that are located inside the condominium.
Co-housing Community:In real estate a co-housing community composed of private homes with kitchens and some other common facilities like bathrooms, dining rooms, hall etc. A co-housing community is planned, owned and managed by the persons who wants to have more interaction with their neighbors.
The key feature of this model is its flexibility to the needs and values of its residents. A cohousing community can be urban, sub-urban or rural. The physical form of cohousing may be compact but differs entirely from low rise apartments, town houses and detached houses.
Cost Approach is formerly called as summation approach. Cost approach is one of the three basic valuation methods for a real estate appraisal. The thumb rule of this kind of approach is that the potential use of a real estate should not pay more amounts to a property than the actual cost.
Value of a real estate property estimated by summing the land value and depreciated value of any improvements. A cost approach should be done by comparing the analysis of labor, material and other expenditure with the land value.
The cost approach is considered reliable when used on newer properties but it is not much reliable for older properties.