11. Cash Reserves

The amount of the buyer’s liquid cash remaining after making the down payment and paying all closing costs.

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12. CC&Rs

Covenants, conditions and restrictions. A document that controls the use, requirements and restrictions of a property.

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13. Certificate of Commitment

A document that establishes the maximum value and loan amount for a VA guaranteed mortgage.

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14. Chattel

Personal property.

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15. Closing Statement

The financial disclosure statement that accounts for all of the funds received and expected at the closing, including deposits for taxes, hazard insurance, and mortgage insurance.

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16. Commitment Period

The period during which a loan approval is valid.

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17. Condominium

A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surface (walls, floors and ceilings)...

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18. Contingency

A condition that must be satisfied before a contract is binding. For instance, a sales agreement may be contingent upon the buyer obtaining financing.

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19. Conversion Clause

A provision in some ARMs that enables home buyers to change an ARM to a fixed rate loan, usually after the first adjustment period. The new fixed rate is generally set at the prevailing interest rate for fixed rate mortgages. This conversion feature...

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20. Cooperative

A form of multiple ownership in which a corporation or business trust entity holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements.

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