Cap A limit to the amount an interest rate or a monthly payment can increase for an adjustable rate loan either during an adjustment period or over the life of the loan.

Certificate of Occupancy A document from an official agency stating that the property meets the requirements of local codes, ordinances, and regulations.

Closing A meeting to sign documents which transfer property from a seller to a buyer. (Also called settlement)

Closing Costs Charges paid at settlement for obtaining a mortgage loan and transferring real estate title.

Conditions, Covenants, and Restrictions (CC and Rs) The standards that define how a property may be used and the protections the developer has made for the benefit of all owners in a subdivision.

Condominium A home in a multi-unit complex; each purchaser owns an individual unit, and all the purchasers jointly own the common areas, such as the surrounding land, hallways, etc.

Conventional Loan A mortgage loan not insured by a government agency (such as FHA or VA).

Convertibility The ability to change a loan from an adjustable rate schedule to a fixed rate schedule.

Cooperative A form of ownership in a multi-unit complex; the purchasers own shares of the entire complex rather than owning individual units.

Credit Rating A report ordered by a lender from a credit bureau to determine if the borrower is a good credit risk.

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