 |
|
Sponsor Links
|
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
|
|
|
Click
Here to Browse
By Letter
|
|
#
A
B
C
D
E
F
G
H
I
J
K L
M N
O P
Q R
S T
U V
W X
Y Z
|
|
|
Rate and Term Refinance: A refinance
transaction which is not intended to put cash in
the hand of the borrower. Instead, the new
balance is calculated to cover the balance due
on the current loan and any costs associated
with obtaining the new mortgage.
Rate Lock: A lender's commitment to a
borrower that guarantees a specified interest
rate for a specified period of time at a
specific cost.
Ratification: The adoption or approval of
an act performed on behalf of a person without
previous authorization.
Real Estate Broker: A person licensed to
negotiate and transact the sale of real estate.
Real Estate Investment Trust: A special
arrangement under Federal and State law whereby
investors may pool funds for investments in real
estate and mortgages and yet escape corporation
taxes; requires one hundred persons or more.
Real Estate Settlement Procedures Act: A
consumer protection law that requires lenders to
give borrowers advance notice of closing costs.
Real Property: Refers to the right to own
land and improvements. Commonly used
interchangeably with Real Estate and Realty
Realtor: A real estate agent, broker or
an associate who holds active membership in a
local real estate board that is affiliated with
the National Association of Realtors.
Reconveyance: The transfer of the title
of land from one person to the immediately
preceding owner. This instrument is commonly
used in California when the performance or debt
is satisfied under a deed of trust and the
trustee conveys the title he has held back to
the owner.
Recorder: The public official who keeps
records of transactions that affect real
property in the area.
Recording: The act of entering in the
public records, the written record of title to
real property, and essentially making it a
public record.
Redemption: The buying back of one's
property after it has been lost through
foreclosure through payment of delinquent taxes
after sale to the State.
Refinance Transaction: The process of
paying off one loan by obtaining a new loan
using the same property as security, usually
done to secure better interest rates.
Registrar of Deeds: The public official
who keeps records of transactions that affect
real property in the area.
Remaining Balance: The outstanding
balance of principal on a mortgage. The
principal balance does not include interest or
any other charges; the amount of principal that
has not yet been repaid.
Rent Loss Insurance: Insurance that
protects a landlord against loss of rent or
rental value due to fire or other casualty that
renders the leased premises unavailable for use
and as a result of which the tenant is excused
from paying rent.
Repayment Plan: An arrangement made to
repay delinquent installments or advances.
Replacement Reserve Fund: A fund set
aside for replacement of common property in a
condominium, PUD, or cooperative project --
particularly that which has a short life
expectancy, such as carpeting, furniture, etc.
Rescission of Contract: Annulling a
contract by mutual consent from both parties as
if there had not been a contract.
Restriction: Limitations on the use or
occupancy of real estate contained in a deed or
in local ordinances pertaining to land use.
Reverse Annuity Mortgage: A loan that
enables older home owners to convert the equity
they have in their homes into cash, usually in
the form of monthly payments. A borrower does
not qualify on the basis of income but on the
value of his or her home. In addition, the loan
does not have to be repaid until the borrower no
longer occupies the property.
Reversion: The right to future possession
or enjoyment by the person or his heirs,
creating the preceding estate.
Reversionary Interest: A type of interest
a person may have in lands or other property
upon the termination of the preceding estate.
Revolving Debt: Debt owned on an account
that the borrower can repeatedly use and pay
back without having to reapply every time credit
is used. Credit cards are the most common type
of revolving debt.
Right of First Refusal: A provision in an
agreement that requires the owner of a property
to give another party the first opportunity to
purchase or lease the property before he or she
offers it for sale or lease to others.
Right of Survivorship: Right to acquire
the interest of a deceased joint owner.
Distinguishing characteristic of a Joint Tenancy
Deed.
Right to Egress: The right to leave
designated premises.
Right to Ingress: The right to enter
designated premises.
Right of Way: A privilege operating as an
easement upon land where the owner agrees to
give another person the right to pass over his
land.
|
|
|
|
|
|
|
|
|
|
