Category: Glossary

Complaint | The original or initial pleading by which an action is commenced; a written statement of the essential facts constituting the offense charged.

Comparables | Similar properties used as yardsticks to determine the market value of a certain property.

Collection | Obtain payment or liquidation of a debt or claim, either by personal solicitation or legal proceedings.

Collateral | Real estate or personal property which is pledged as security for a debt.

Co-signer | A co-signer signs a promissory note and takes responsibility for the debt.

Code | A collection of laws relating to a certain topic, such as real property, patents, etc.

Cloud on Title | Any outstanding claim that contradicts the title record, if valid, would impair the owners title.

Closing Date | The date agreed upon which the buyer takes over the property.

Closing Costs | Expenses supplementary to the sale of real estate, which includes loan, title and appraisal fees.

Chattel Mortgage | A mortgage which is secured by personal property.