Consumer Credit Counseling Service to Convector

 

Consumer Credit Counseling Service

The Consumer Credit Counseling Service (CCCS) is a non-profit organization that helps consumers stabilize their finances by helping to create budgets and set up repayment plans with cooperating creditors and lenders. However, the individual CCCS offices receive their operating budget primarily from creditors and lenders. As such, they may not really help the consumer’s credit rating as much as help to ensure that the consumer eventually pays his or her debts to creditors.

Consumer Credit Protection Act

The Consumer Credit Protection Act is a 1969 federal legislation that required businesses or individuals, who regularly extend credit to consumers, to provide their clients with specific disclosures about their rights and obligations.

Consumer Price Index

The consumer price index (CPI) is a monthly aggregate measurement conducted by the U.S. Department of Labor, as a measure of changes in the price of retail goods. The CPI provides a measurement of inflation at the retail level, as opposed to the producer price index, which measure inflation at the wholesale level. Mortgage loan interest rates, which are tied to inflation levels and market fears, are influenced by the CPI. In 2009, the CPI fell for the first time in nearly six decades.

Consumer Price Index Adjustment

Many leases on commercial properties allow for adjustments to the base rent, either upward or downward, according to the consumer price index reported by the federal government. This allows the lessor (landlord) to pass on inflationary pressures to the tenant.

Contingency Date

With real estate contracts, the contingency date is the deadline when certain items, such as a mortgage loan commitment or professional inspection, must be completed. The contingency date and related clauses allow for the contract to be amended, revised or canceled during those periods. See also the Attorney Review and Mortgage Contingency entries.

Contingent Liabilities

Any latent debts that may involve the subject person in the future, such as co-signing a loan or borrowing funds for another person. For example, if an applicant co-signs on a relative’s car loan and that relative subsequently defaults and allows repossession, that contingent liability becomes a real headache for the applicant.

Continuing Care Retirement Community

A continuing care retirement community (CCRC) is a residential facility or complex (primarily for seniors) that offer an array of care to residents, from assisted livings all the way to skilled nursing care.

Continuous Operations Clause

The continuous operations clause is a lease provision used with many retail properties, which requires the tenant to remain open for business until the end of the lease and penalizes the tenant for closing the business (even if the tenant continues to pay rent). An unused store can lower traffic and value for the entire project, as well as eliminate all percentage rent revenue. This clause typically does not have any effect on businesses that shuts down all of its operations (in all locations) and files for chapter 11 bankruptcy protection.

Contract

A contract is a legally binding agreement to exchange a product or service for an acceptable consideration. A contract normally requires a capacity to enter into the contract, an offer and acceptance, legally acceptable terms and objectives, and consideration.

Contract for Deed

The contract for deed is a property sales agreement in which the title is delivered to the buyer after all payments indicated in the contract have been made. See Installment Contract entry.

Contraction Option

The contraction option is a lease provision or clause that allows either the tenant or landlord to reduce the tenant’s leased space.

Contractor (Construction)

The contractor is the person or company that “contracts” to develop or construct a building. The general contractor is the party responsible for the overall construction. In most cases, the general contractor will hire subcontractors to complete different elements of the construction, such as electrical, landscaping, flooring, plumbing, etc.

Contractor’s Liability Insurance

The contractor’s liability insurance is a policy that covers the contractor against liability claims that may arise from a contractor’s work on a project. This insurance policy protects the contractor, whether or not the work was done by the contractor’s company, employees, subcontractors or anyone else who may work for them. Reputable developers will not accept contractors or subcontractors who do not have adequate contractor’s liability insurance coverage, which can be very expensive.

Contractor’s Affidavit

The contractor’s affidavit is a written statement by a contractor describing all required facts regarding contracts, subcontracts, suppliers, material and labor-including all amounts and covenants.

Contractual Lien

The contractual lien is one that is created by written agreement, such as with mortgage loans and mechanics liens. By comparison, tax liens and court-ordered liens are not contractual.

Controlled Business Arrangement

The controlled business arrangement is a relationship between two or more businesses, in which they use each other’s services but are also owned by the same people or interests. For example, if a mortgage broker uses a title insurance company that has similar ownership (even if the shared ownership accounts for only one percent of either company); they have a controlled business arrangement. The Real Estate Settlement Procedures Act (RESPA) does not prohibit such arrangements, but they do require full disclosure to the consumers. They also require freedom for the consumer to select a different service provider, if they so desire.

Controlled Growth

The controlled growth approach is used by many municipalities, counties and region that seek to impose restrictions and requirements on new development.

Convection

The convection method is a way of transferring heat, in which the heat source radiates a current of heat to another element or simply outward into the air.

Convector

The convector is any surface used to transfer heat in a heating system.