Glossary & Terms
There are currently 4 terms in this directory beginning with the letter C.
A cable, in an electrical system, is two or more conductors encased in sheathing. In modern homes we usually see non-metallic sheathed cable which is referred to as NM Cable or, often mistakenly, the brand name Romex. In older homes we may see other types, like armored cable, which is often referred to by the brand name BX. In short, a cable is a collection of conductors.
Closing is when the home sale is considered final, which typically includes all parties’ signatures on all required documents, all monies conveyed, and when a lender is involved, with full lender’s approval. Once all of these items are completed, then a buyer’s access to the property is then provided, and the buyer is considered the new homeowner.
Closing costs are a selection of fees, including fees charged by: a lender, the title company, attorneys, insurance companies, taxing authorities, homeowner’s associations, real estate agents, and other closing settlement-related companies. These closing costs are typically paid at the time of closing a real estate transaction.