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GLOSSARY
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Cash Flow
In investment property, the actual cash the investor will receive after deduction of operating expenses and debt service (loan payment) from gross income.
Closing
In real estate sales, the final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed.
Closing Costs
The expenses that are incidental to a sale of real estate in addition to the actual price of the property. Typical closing costs include an origination fee, taxes, title insurance, credit report, appraisal fee, and document preparation fees, and are often between 4% and 6% of the mortgage amount.
Comparables
Properties used as comparisons to estimate the value of a specific property.
Condemnation
The taking of private property for public use without the consent of the owner, but only upon payment of just compensation.
Condominium Building
A structure of two or more units, the interior space of which is individually owned; the balance of the property (both land and building) is owned in common by the owners of the individual units, and typically cannot be mortgaged. Real estate taxes are levied on the individually owned units, and not on the building as a whole.
Cooperative Apartment Building
A structure of two or more units in which the right to occupy a unit is obtained by the purchase of shares of stock in the corporation which owns the building. Shares on the individual units can be mortgaged, as well as the entire building (called an “underlying mortgage”). Real estate taxes are levied on the entire building, and not on the individual units.
Cost Approach
An appraisal method based on the replacement or reproduction cost of a structure, less depreciation, plus land value.
Credit Report
A report of a borrower's credit history compiled by a credit agency, resulting in a thorough history of payment records.
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