Business / Real Estate Glossary

Comprehensive Zoning: A broad zoning plan over a large area.

Computerized Loan Origination (CLO) System: An electronic network for handling loan applications through remote computer terminals linked to various lenders computers.

Concession: Discount given to prospective tenants by landlords to induce them to sign a lease. Concessions are frequently encountered in commercial leases, where landlords may give the first two months . . . View Full Definition

Concurrent Ownership: Ownership by two or more persons at the same time, such as joint tenants, tenants by the entirety, tenants in common or community property owners.

Concurrent Performance: Occurring simultaneously, real estate exchanges often must be recorded concurrently.

Condemnation: A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner.

Condition Precedent: A condition that requires a certain action or a specified event to take place before an estate granted can take effect. For example, most installment real estate sales contracts require all . . . View Full Definition

Condition Subsequent: A fee simple estate, may be qualified by a condition subsequent. This means that the new owner must not perform some action or activity. The former owner retains a right of reentry so that i . . . View Full Definition

Conditional Public Report: An interim report that allows a subdivider to enter into a binding contract with a buyer prior to the issuance of the final public report.

Conditional-Use Permit: Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area.

Condominium: A subdivision providing an exclusive ownership interest in the airspace of a particular portion of real property, as well as an interest in common in a portion of that property.

Condominium Ownership: An estate in real property consisting of an individual interest in an apartment or commercial unit and an undivided common interest in the common areas in the condo project such as the land, . . . View Full Definition

Conduits: A party that purchases loans from one lender and resells the loans to investors.

Confession Of Judgment Clause: Permits judgment to be entered against a debtor without the creditors needing to institute legal proceedings.

Conforming Loan: A mortgage loan that meets all Fannie Mae and Freddie Mac underwriting guidelines.

Conformity: The appraisal principle that holds that the greater the similarity among properties in an area, the better they will hold their value.

Conservator: A guardian, protector, preserver or receiver appointed by a court to administer the person and property of another (usually an incapable adult) and to ensure that the property will be proper . . . View Full Definition

Consideration: An act or the promise thereof, which is offered by one party to induce another to enter into a contract, that which is given in exchange for something from another, also the promise to refra . . . View Full Definition

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