Closing costs refer to a variety of fees and expenses incurred by parties in the finalization of a deal that are not part of the negotiated price. These costs usually arise in real estate transactions like buying a home. In a house sale, the buyer and seller can incur costs for applying for a loan, escrow fees, attorney fees, insurance fees, taxes, and other fees. Most fees are paid by the buyer, but sometimes sellers agree to cover some closing costs.
A cloud on title is a claim or encumbrance that affects the ownership of a property and can potentially discourage future parties from purchasing it.
A cooperative, often called a co-op, is any association of members of a similar profession or industry that work together to process, prepare, market, handle products and supplies. A cooperative operates for the benefits of its members by giving each member access to the combined resources and services of the organization and sometimes earnings of the association.
In the practice of law, a code is an organized compilation of existing laws. It is a collection of all the laws in force, including the enacted laws and case law, covering a complete legal system or a specific area. A code can make the formulation of legal principles and rules more concise, clear, and thorough, so that people can understand the rules more quickly and comprehensively.
Codicil is a supplement that either amends or revokes a decedent’s will in whole or in part. A codicil does not replace the underlying will.
[Last reviewed in July of 2022 by the Wex Definitions Team]
Coho is a slang term for cohousing which is a type of housing scheme where people have their own homes or units but share common areas and property of some form. Coho is also a species of salmon, a few types of which are endangered and protected species.
Cohousing is a particular type of living system consisting of a cluster of private homes, where residents share common space and amenities. Such a system comprises of common areas such as playground, swimming pool, laundry, fitness center, etc. which are shared communally by several people with or without a familiar relationship between them.
Collateral consanguinity is the relationship between persons who are descendants from the same common ancestor but do not descend or ascend from each other. In other words, they are related by blood but do not descend from each other.
A collateral descendant, also referred to as a collateral heir or collateral kin, descends from the same common ancestor as the decedent, but does not descend directly from the decedent. For example, siblings, cousins, nephews, nieces, aunts, and uncles are collateral descendants, while children and grandchildren are direct descendants.
