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GLOSSARY
Contigency
It is a condition or qualification or provision that must be taken care of before the contract becomes legally binding. For example, buyers while purchasing a home, will put in a contigency that the contract will not be legally binding until he acquires a satisfactory home inspection report from a qualified home inspector.
Contiguous lots
Pieces of real estate or parcels that are next to each other.
Contingency
A contingency is a future event that may or may not happen. In the legal sense, a contingency is something that has to happen before a contract or agreement goes into effect. Contingencies are common in real estate contracts; a homeowner who wants to buy a different home may make an offer that lists the sale of the first home as a contingency. This means that the homeowner is not bound to purchasing the second home until the first one sells.
Contingent beneficiary
A contingent beneficiary is a person who's designated to receive insurance policy proceeds if certain conditions are met. Usually the contingent beneficiary only receives the proceeds if the primary beneficiary is deceased when the proceeds are to be paid.
Contingent fee
A contingent fee is an assessment incurred when a specific event happens.
Continuous compounding
Continuous compounding is a method of computing interest, where the interest earned is constantly being rolled into the principal balance. Once the interest is rolled into the principal balance, it becomes part of the interest-earning balance.
Contract
An agreement either written or oral, that qualifies whether a certain thing can be done or not.
Contract for deed
The sale of property or real estate in which the buyer takes possession while making payments. The seller holds the title until full payment is made. This may also be called a land contract.
Contract to purchase
A document showing the price of the real estate and other terms of the transfer of title, which has been approved by both the buyer and the seller. This is also known as an agreement of sale, a purchase contract or a sale contract.
Contractor
The person who constructs or oversees construction of a house or a large renovation.
Contractual lien
A voluntary obligation as a result of a contract, such as a mortgage or trust deed.
Contribution
Contribution, or contributions, are monies deposited into a retirement account.
Contributory value
Contributory value is the amount of value one aspect of a property adds to the value of the property as a whole. A newly remodeled kitchen, for example, might have a contributory value of $50,000.
Controlled growth
A set of restrictions and guidelines that a developer must follow as set by local governments that oversee the amount, type and density of new construction.
Conventional loan or conventional financing
Conventional loan, or conventional financing, is a mortgage loan that has a traditional, fixed-rate structure. The terms can also refer to mortgages that aren't insured by federal agencies, like the FHA or the VA. Finally, "conventional" is also sometimes used as a synonym for "conforming," which describes mortgages that are eligible for resale to Fannie Mae and Freddie Mac.