(1) The removal of structures from an area for urban renewal. (2) The maximum height of a vehicle which may safely pass under a bridge or through a tunnel.

A wall or portion of a wall to which the roof attaches at a higher level than the other walls or portions of a wall of a building. Generally found in church construction and contains windows.

Window in a clerestory.

Traditionally one who employs an attorney. Has loosely been used to refer to the principal of a real estate agent, insurance agent, stock broker, etc.

(1) A corporation not allowing its shareholders to vote for directors or officers. (2) A corporation owned by a small group of shareholders and not having publicly traded stock. Commonly, and incorrectly, called a closed corporation.

See: Close Corporation.

A mortgage that does not allow the borrower to increase the amount borrowed over the term of the mortgage. See also: Open End Mortgage.

A fund (sometimes dealing in real estate or mortgages) which is not accepting new investors. The shares in the fund are bought and sold, either at a premium, par, or a discount, based on the success of the fund. The shares are not sold and redeemed through the fund but on the open market. The same technique is used with closed end trusts.

See: Lock-in.

(1) In real estate sales, the final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed. (2) A selling term meaning the point at which the client or customer is asked to agree to the sale or purchase and sign the contract. (3) The final call in a metes and bounds legal description which “closes” the boundaries of the property.

Expenses incidental to a sale of real estate, such as loan fees, title fees, appraisal fees, etc.

The statement which lists the financial settlement between buyer and seller, and also the costs each must pay. A separate statement for buyer and seller is sometimes prepared.

See: Cloud on Title.

An invalid encumbrance on real property, which, if valid, would affect the rights of the owner. For example: A sells lot 1, tract 1, to B. The deed is mistakenly drawn to read lot 2, tract 1. A cloud is created on lot 2 by the recording of the erroneous deed. The cloud may be removed by quitclaim deed, or, if necessary, by court action.

An intersection using loop shaped ramps and grade separation to accomplish the intersecting of traffic without signal lights or stop signs. When viewed from above, the shape of the intersection resembles a cloverleaf.

A method of real estate canvassing by looping around a specific property (one listed or sold) in the shape of a cloverleaf, in order to obtain listings or buyers.

Building houses close together with little yard space and a large common area, rather than each house having a large yard. The density is usually greater in the cluster project.

Zoning allowing the construction of buildings closer together than normal (clustered) and then requiring the balance of the property to be kept as open space.

See: Cluster Housing.

See: Certified Mortgage Banker.

See Collateralized Mortgage Obligation.