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C

Cap Limit	(Typically about 2 percent) by which an adjustable mortgage rate might be increased at any one time.
Capital Gain	Taxable profit on the sale of an appreciated asset.
Carrying Costs	The actual cost of living in and maintaining property, including mortgage payments, property tax, heating, repairs, and so on.
Caveat Emptor	Let the buyer beware.
Ceiling	Also known as a lifetime cap, limit beyond which an adjustable mortgage rate may never be raised. Certificate of Occupancy,Document issued by a local governmental agency stating that the property meets the standards for occupancy.
Chattel	Personal property.
Client	The broker's principal, to whom fiduciary duties are owed.
Closed Mortgage	The restriction or denial of repayment rights until the maturity of the mortgage.
Closing	Conclusion of a real estate sale, at which time title is transferred and necessary funds change hands.
Closing Costs	One-time charges paid by the buyer and the seller on the day the property changes hands.
Closing Date	The date on which the sale of a property becomes final and the new owner takes possession.
Closing Statement	Statement prepared for the buyer and the seller listing debits and credits, completed by the person in charge of the closing.
Cloud (on title)	Outstanding claim or encumbrance that challenges the owner's clear title.
CMHC	Canada Mortgage and Housing Corporation A Crown Corporation which administers the National Housing Act.
Collateral Mortgage	A loan backed by a promissory note and the security of a mortgage on a property. The money borrowed may be used for another purpose, such as home renovations or a vacation.
Commission	Fee paid (usually by a seller) for a broker's services in securing a buyer for property; commonly a percentage of sale price.
Commitment	A notice from a mortgage lender to a prospective borrower that the lender will advance mortgage funds in a specified amount under certain conditions.
Commitment Fee	This fee is charged by a lender for keeping an agreed amount of funds available to the borrower for a specified period of time.
Common Elements	Parts of a condominium development in which each owner holds an interest (swimming pool, etc.)
Comparable	Recently sold similar property, used to estimate the market value.
Comparative Market Analysis	Method of valuing homes using the study of comparables, property that failed to sell and other property that currently on the market.
Compound Interest	Interest charged not only to the principal sum but also on interest amounts charged in a preceding period.
Conditional Commitment	Lender's promise to make a loan subject to the fulfillment of specified conditions.
Conditional Offer	Purchase offer in which the buyer proposes to purchase only after certain occurrences (sale of another home, securing of financing, etc.)
Condominium	The ownership of a separate amount of space in a multiple dwelling or other multiple-occupancy building with proportioned tenancy in common ownership of common elements used jointly with other owners.
Consideration	Anything of value given to induce another to enter into a contract.
Contingency	Condition (inserted into the contract) which must be satisfied before the buyer purchases a house.
Contract	An agreement between two or more parties given receipt of lawful consideration to do or refrain from doing some act.
Contract for Deed (land contract)	Method of selling by which the buyer receives possession but the seller retains title
Conventional Mortgage	A first mortgage, outside the conditions of NHA (the National Housing Act), granted by an institutional lender such as a bank, mortgage, loan or trust company wherein the amount of the loan does not exceed 75% of the appraised lending value of the property
Convertible Mortgage	A short term mortgage, usually 6 (six) or 12 (twelve) months, allowing the borrower to switch into a longer term at any time without penalty. There are several different variations to the convertible mortgage.
Co-operative	The ownership of a separate amount of space in a multiple dwelling or other multiple-occupancy building with proportioned tenancy in common ownership of common elements. Used jointly with other owners however, the owner does not own his/her specific unit but he/she becomes a shareholder of the corporation which owns all the real property and occupies by way of a tenancy agreement subject to a shareholders agreement administered by an elected board of directors.
Co-ownership	Co-ownership occurs when the ownership of the whole property is divided (not necessarily on a pro-rated basis) between two or more persons. Usually there is a written agreement between the co-owners in which the rights of each co-owner is described. Each co-owner may sell his/her right of ownership or dispose of it as he/she wishes.
Cost Basis	Accounting figure that includes original cost of property plus certain expenses to purchase, money spent on permanent improvements and other costs, minus any depreciation claimed on tax returns over the years
Customer	Typically, the buyer, as opposed to the principal (seller)