Canadian Financial, Real Estate and Mortgage Glossary

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commissioners' reserve valuation methodDefinition
A method used to determine the minimum statutory reserves for annuities and insurance products.
A written agreement from a lender promising to lend money on certain terms for a specified time period.
commitment feeDefinition
A fee paid by a borrower to a lender who promises to lend money on certain terms for a specified time period.
commitment letterDefinition
A formal offer by a lender which states the terms under which it agrees to lend money to a home buyer. Also known as a "loan commitment." This letter will indicate the contingencies that must be cleared prior to funding the loan.
Committee on Life Insurance Financial Reporting (CLIFR) — Canada
Commodities as Investment (CAI) — Canada
common area assessmentDefinition
A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs, and improvements to the property's common areas, such as hallways, elevators, parkades, swimming pools, and gym facilities.
common area maintenance (CAM)Definition
A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
  ➥  Fee used to maintain areas shared by tenants.
common areasDefinition
Areas of a building or land and the amenities owned (or managed) by a planned unit development, or condominium project's homeowners' association, or a cooperative project's cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common hallways of buildings, parkades, means of ingress and egress, etc.
common charges (CC) — Acronym
common interest development (CID)Definition
A housing area in which owners belong to a homeowners association that owns and maintains common areas.
common law (CL)Definition, Very Important
Traditional, unwritten law based on English custom.
  ➥  Laws developed by judges through court decisions and precedent.
common law marriage (CLM)Definition
To be recognized as being married without foregoing a matrimonial ceremony.
common stock (CS)Definition
A security that allocates partial ownership in a corporation, but at a lower standing than preferred stocks.
community bankDefinition
A bank that is locally owned and operated, but is not part of a bank holding company. Also referred to as an independent bank.
community property (CP)Definition, Important
Possessions, real estate and profits that a husband and wife receive during the marriage, excluding gifts and inheritances. Upon divorce, community property is distributed equally.
community property with right of survivorship (CPWRS) — Acronym
Community Trust — Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
An option given to the beneficiaries of annuities and life insurance policies that allows them to modify the frequency and size of benefit payments.
Companies' Creditors Arrangement Act (CCAA) — Est. 1985, Canada, Important
A Canadian Act to facilitate compromises and arrangements between companies and their creditors to avoid bankruptcy, foreclosure, seizure of assets or employee job loss.
  ➥  Available to insolvent corporations owing in excess of $5 million.
Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
comparative market analysis (CMA)Definition, Important
A method of estimating a property's value by comparing the sales prices of similar properties that have sold recently.
comparative negligenceDefinition
The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
Legal ability to make decisions and enter into contracts.
competitive market analysis (CMA) — Acronym
completed operations insuranceDefinition
Insurance that provides protection against liability after contractual obligations have ended.
completion bondDefinition
Insurance purchased to make sure that an important project is completed, even if something unexpected happens, financial or otherwise.
compound interestDefinition
Interest that is calculated by adding the interest earned in the current period to the principal and figuring the next period's interest on this "compounded" total amount.
compounding methodDefinition
Used in Bank rate tables. These include: S--Simple interest. A--Compounded annually. H--Compounded semi-annually. Q--Compounded quarterly. M--Compounded monthly. D--Compounded daily.
comprehensive insuranceDefinition
Auto insurance that covers damages not resulting from a collision, and for vehicle theft.
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Combined Loan-to-ValueCommissioner for Federal...
Currently Displayed — Page 10
Commissioners' Reserve... — Comprehensive Insurance
  Next Page
ComptrollerConsolidated Credit...

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Index for The Letter 'c'

Page 1: Caisse populaire
Canadian Apartment...
Page 2: Canadian Association of...
Canadian Information Centre...
Page 3: Canadian Institute for...
Canadian Securities...
Page 4: Canadian Society of...
Card Identification Number
Page 5: Card Validation Code
Ceding Party
Page 6: Central 1 Credit Union
Chartered Insurance...
Page 7: Chartered Insurance...
Clean Sheeting
Page 8: Clear Title
Combination Account
Page 9: Combined Loan-to-Value
Commissioner for Federal...
Page 10: Commissioners' Reserve...
Comprehensive Insurance
Page 11: Comptroller
Consolidated Credit...
Page 12: Consolidated Net Operating...
Contributory Negligence
Page 13: Controlled Growth
Cost of Insurance
Page 14: Cost of Living Adjustment
Credit Life Insurance
Page 15: Credit Limit
Current Loan-to-Value Ratio
Page 16: Current Market Value
Customer Relationship...

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