Colorado Springs Vintage Homes Blog
719.287.1049
Real Estate Dictionary — “C” is for CMA
Knowledge is Power
Search for Homes in Colorado Springs
Who has capacity to sign a contract? Most adults have capacity to sign a contract, even if they are illiterate. A minor, typically does not have capacity to sign a contract.
I heard
someone say that I needed to look at the CC & R’s in the subdivision. CC & R’s stand for covenants, conditions and restrictions; which are considered private restrictions on the use of the property. Many new subdivisions in Colorado Springs and Monument have CC & R’s.
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” In Colorado, bank owned properties are often sold “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 in Colorado Springs 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.
What is a cistern? It is a reservoir tank, often underground, used for the storing of water. Some real estate in rural Colorado have cisterns instead of wells or city water.
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 in Monument? Common areas refer to areas that are designated for the use of and enjoyment of all residents and tenants and the Bylaws of the complex should explain areas that are designated as common areas.
I wanted to sell my house, and my Colorado Realtor said he 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 Colorado Springs 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 to create a new offer.
What is the difference between a carport and a garage? A carport typically has one side of the structure open to the weather. In some of the older sections of Colorado Springs and Fountain, houses built in the 1950’s and 1960 were only built with a carports.
I keep hearing TV shows on cable talk about the curb appeal of a house, what does this mean? It is referring to the first impression of a house when it is first seen; similar to a first impression when you meet someone for the first time.
Let us hear your real estate questions dealing with the letter C. We’d be happy to respond.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
Kathy (719-287-1049) KTorline@msn.com
Previous posts:
