Continuing with the series, take a look at more such terms.

Capitalisation

At a given date the conversion into the equivalent capital worth of a series of net receipts, actual or estimated, over a period. 

Catchment area

The area of land which finds its way into a particular watercourse, lake or reservoir.

Central business district

Generally the area of highest land value within a city. The functional centre in the city with shopping facilities, office accommodation, leisure facilities, buildings for recreational use, public museums, art galleries and governmental functions are found.

Clearance area

An area which is to be cleared of all buildings. Generally promulgated by way of a government declaration, which is normally followed by the acquisition of the land and the clearance of the area.

Completion certificate/statement

A statement prepared by solicitors, usually those acting for a purchaser and a vendor respectively, following the conveyance of an interest in property, giving a schedule of sums received leading to a balance being the final amount due to the vendor. In some case the statement is prepared at a later date and may show a figure recoverable by the purchaser from the vendor.

Conveyance

A document transferring title to land from one person to another.

Current yield

The remunerative rate of interest which is, or would be, appropriate at the date of valuation, assuming the property to be let at its full rental value. It will be the same as the reversion yield where the reversion is to full rental value, and the same as the term yield where the rent receivable under the lease is full rental value.