Glossary
C & R's
Covenants, Conditions and Restrictions. See "Conditions and Restrictions".
Chain
A term of land measurement that is 66 feet in length.
Chain of Title
A term applied to the past series of transactions and documents affecting the title to a particular parcel of land.
Clear Title
One which is not encumbered or burdened with defects.
Closing
Also known as "escrow" or "settlement." The process of executing legally binding documents, such as deeds and mortgages most commonly associated with the purchase of real estate and the borrowing of money to assist in the purchase.
Clouded Title
An encumbered title.
Commitment to Insure
A report issued by a title insurance company, or its agent, committing the title insurance company to issue the form of policy designated in the commitment upon compliance with and satisfaction of requirements set forth in the commitment.
Common Interest Community (CIC)
Ownership characterized by mutual ownership of common areas, either jointly or through membership in an association. Example: condominiums, planned unit developments, and townhomes.
Company Loan
Loan by employer to facilitate relocation of employee. Usually short term.
Condemnation
Taking private property for public use through court proceedings.
Condition or Conditions
A provison in a deed or will that, upon the happening or failure to happen of a certain event, limits, enlarges, changes or terminates the title of the purchaser or devisee.
Conditions and Restrictions
A common term used to designate conditions and restrictions on the use of land. Includes penalties for failure to comply. Commonly used by land subdividers on newly platted areas.
Condominium
A system of individual fee ownership of units in a multi-unit structure, combined with joint ownership of common areas of the structure and land.
Conservator
See "Guardian."
Contract for Deed
An agreement to sell and purchase under which title is held as security by the seller until such time as the required payments to the seller have been completed.
Convey
The act of deeding or transferring title to another.
Conveyance
An instrument by which title is transferred; a deed. Also, the act of transferring title.
Cooperative
A residential multi-unit building owned by a corporation in which each unit is occupied by a member of the corporation pursuant to a lease or occupancy agreement.
Covenant
An agreement written into deeds and other instruments promising performance or non-performance of certain acts, or stipulating certain uses or non-uses of the property.
Cul-de-Sac
The terminus of a street or alley. Usually laid out by modern engineers to provide a circular turn around for vehicles.
