Business / Real Estate Glossary

Covenant: A written agreement between two or more parties in which a party or parties pledge to perform or not perform specified acts with regard to property, usually found in such real estate documen . . . View Full Definition

Covenant Against Encumbrances: The grantor warrants that the property is free from liens or encumbrances, except for any specifically stated in the deed. Encumbrances generally include mortgages, mechanics liens and easem . . . View Full Definition

Covenant Of Further Assurance: The grantor promises to obtain and deliver any instrument needed to make the title good. For example, if the grantors spouse has failed to sign away dower rights, the grantor must deliver a . . . View Full Definition

Covenant Of Quiet Enjoyment: The covenant implied by law by which a landlord guarantees that a tenant may take possession of leased premises and that the landlord will not interfere in the tenants possession or use of t . . . View Full Definition

Covenant Of Seisin: The grantor warrants that he or she owns the property and has the right to convey title to it (seisen simply means possession).

Covenant Of Warranty Forever: The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future. These covenants in a general warranty deed are not limited to matters that . . . View Full Definition

Covenants That Run With The Land: Convenants that become part of the property rights and benefit or bind successive owners of the property.

Crawl Space: 1. The space between the ground and the first floor, often found in homes with no basement. 2. The space found between the top floor and the roof, often found in the place of an attic.

Creative Financing: Structuring the financing of a real estate transaction based on the cash positions of the buyer and seller. It involves working in conjunction with the existing financing to create a financi . . . View Full Definition

Credit: 1. Obligations that are due or are to become due to a person. 2. In closing statements, that which is due and payable to either the buyer or seller--the opposite of a charge or debit. The cr . . . View Full Definition

Credit Loan: A mortgage issued upon the financial strength of a borrower, without regard for collateral.

Credit Rating: The Dun & Bradstreet credit rating system. Rating the financial strength of commercial and industrial companies.

Credit Report: A document, obtained from a credit repository, indicating an individuals credit circumstances. Used to derive credit scores for borrowers seeking a real estate loan.

Credit Repository: Organizations that maintain and make available public credit history records, lenders use information from credit repositories to derive credit scores for potential borrowers.

Credit Score: A snapshot of a borrowers credit worthiness, a numerical score based on statistics showing the risk of default on a loan, takes into consideration available credit, management of existing cr . . . View Full Definition

Credit Unions: Credit unions are cooperative organizations whose members place money in savings accounts. In the past, credit unions made only short-term consumer and home improvement loans. Recently, howe . . . View Full Definition

Creditor: The person to whom a debtor owes a debt or obligation, a lender.

Creosote: A potentially flammable oily byproduct of wood burning. Often builds up in the chimney of wood burning fireplaces.

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