Glossary of Terms
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| CARRIAGE HOME | |
| A carriage, or link home, is joined by a garage or carport. | |
| CAVEAT EMPTOR | |
| Latin phrase for "Buyer Beware". The buyer must examine the property being purchased and the buyer, therefore, buys at their own risk. | |
| CHARGE | |
| The name given to a mortgage document when title is registered under the Land Titles Act. The words "charge" and "mortgage" mean the same. | |
| CHATTEL | |
| Personal property which is tangible and moveable. | |
| CLOSING | |
| See "Date of Completion". | |
| CLOUD ON TITLE | |
| Any encumbrance or claim that affects title to real property. | |
| COMMISSION | |
| Remuneration paid to an agent on sale or lease of property, usually as a percentage of the amount involved. | |
| COMMITMENT | |
| See Mortgage Commitment. | |
| COMMON LAW | |
| That part of the law formulated, developed and administered by the old common law courts, based originally on common customs and mostly unwritten. | |
| COMPENSATION | |
| Payment or reward for performance of service. | |
| COMPOUND INTEREST | |
| Interest on both the original principal and on interest accrued. | |
| CONDITION PRECEDENT | |
| A condition in a contract which calls for the happening of some event, or performance of some act, before the agreement become binding on the parties. | |
| CONDITION SUBSEQUENT | |
| A condition referring to a future event upon the happening of which the contract becomes no longer binding on the parties. | |
| CONDOMINIUM | |
| The fee ownership of a specified amount of space (the unit) in a multiple dwelling or other multi-occupancy building with tenancy-in-common ownership of portions used jointly with other owners (the common elements.) | |
| CONSIDERATION | |
| Something of value given by a promisee to a promisor to make the promise binding. | |
| CONSTRUCTION LIEN | |
| See Mechanic's Lien (Construction). | |
| CONTRACT | |
| A contract is a legally binding agreement between two or more capable persons for consideration or value, to do or not to do some lawful and genuinely intended act. If affecting real estate it must be in writing. | |
| CONVEYANCE | |
| The transfer of an interest in property from one person to another. | |
| COVENANT | |
| An agreement contained in a deed and creating an obligation. It may be positive, stipulating the performance of some act. It may be negative or resrictive, forbidding the commission of some act. | |
| CREDITOR | |
| A person to whom a debt is owed by another person termed the debtor. | |