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C is for Clear Title -- Colorado Real Estate Dictionary

By
Real Estate Agent with ERA Herman Group Real Estate

C is for Clear Title -- Real Estate Terms

Colorado Real Estate -- Use this glossary to make yourself more prepared

What does caveat emptor mean?   It is a Latin term that stands for Let the Buyer Beware; the buyer is buying a property "as-is"

Why do I have to wait for the Certificate of Occupancy on my new house?  Because the Certificate of Occupancy is required by the City/State Building agency to show that the property meets local building codes and is fit for occupancy.   Certificate of Occupancy is sometimes abbreviated as a CO

My Realtor said that I don't have Clear Title on my house, what does this mean?   Clear title refers to a property that is free of any liens, defects or encumbrances.

Can my Realtor deposit my escrow check in her personal account, isn't that commingling?  A realtor in Colorado can't commingle funds, and it is required in the State of Colorado to keep escrow checks in a separate account.

How do I know what the common areas are in my townhome complex?  Common areas refer to areas that are designated for the use of and enjoyment of all residents and tenants.  The Bylaws of the complex should explain areas that are designated as common areas.

I wanted to sale my house, and my Realtor said they would do a CMA.  What is this?  A CMA stands for a Comparative Marketing Analysis and is a tool that a Realtor uses to assist consumers in determining the value of a property.

I was told that my real estate contract isn't valid because there was no consideration.  What does this mean?  Consideration is defined as an act or a promise offered by one party to induce another to enter into a contract.  Consideration can be in the form of money or/and a promissory note for future payment.

I want to have my Realtor make a counter-offer on the offer we received from the buyer's on my house, not sure what this means.  A counter-offer is a legal term and is a response to an original offer.   It essentially rejects the original offer.

What is the difference between a carport and a garage?  A carport typically has one side of the structure open to the weather.

Previous posts:

 Resources

The Online Real Estate Database and Directory

Federal Trade Commission

Real Estate Wiki

HGTV

National Association of Realtors

  

 

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Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument  Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

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Colorado Springs Real Estate

Comments (3)

Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

Great, great information Kathy.  Many buyers and sellers do not understand different real estate terms.

Jun 12, 2008 12:06 PM
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

Today's letter is the letter C.. Reminds me of Seasame Street. I like it and I like the way you used all the different words. Great blog.

Jun 12, 2008 12:31 PM
Kathy Torline
ERA Herman Group Real Estate - Colorado Springs, CO
Colorado Springs Real Estate Blog 719-287-1049

Heather:  Thanks for stopping by and glad you enjoyed the post.   I've really had fun putting them together.

Patricia:  Glad you enjoyed the post.   There will be more to come ..............

Jun 12, 2008 12:35 PM