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Cloud on Title - An outstanding claim or encumbrance that, if valid, would affect or impair the owner's title.

Collateral - Assets that back a mortgage loan (real property in the case of a mortgage loan).

Commission - Money paid to a real estate agent or broker by the seller (usually 6-7% of the sale price of the house).

Commitment - A formal offer by a lender to make a loan under certain terms or conditions. to a borrower.

Condominium - A form of property ownership in which the homeowner holds title to an individual dwelling unit and an interest in common areas and facilities of a multi-unit project.

Conforming Loan - A mortgage loan meeting the requirements set down by Fannie Mae and Freddie Mac including, most importantly, the requirement that the original loan balance not exceed specified limits under the maximum amount of loans FNMA and FHLMC are legally allowed to buy (currently $252,700.00 for loans secured by a one unit property in most areas).

Construction Loan – A short term interim loan to fund the construction of buildings or homes, which usually advances the money to the builder in installments as work progresses. After completion, a permanent loan is used to pay off the construction loan.

Contingency - A condition which must be satisfied before a contract is legally binding--before a sale can close.