radon
|
A radioactive gas found in some homes that in sufficient
concentrations can cause health problems. |
rate lock
|
A commitment issued by a lender to a borrower or other
mortgage originator guaranteeing a specified interest rate for a
specified period of time. |
real estate agent
|
A person licensed to negotiate and transact the sale of real
estate on behalf of the property owner. |
real property
|
Land and appurtenances, including anything of a permanent
nature such as structures, trees, minerals and the interest,
benefits and inherent rights thereof. |
realtor
|
A real estate broker or an associate who holds active
membership in a local real estate board that is affiliated with
the NATIONAL ASSOCIATION of REALTORS®. |
recission
|
The cancellation or annulment of a transaction or contract by
the operation of a law or by mutual consent. Borrowers usually
have the option to cancel a refinance transaction within three
business days after it has closed. |
reconveyance
|
An instrument used to transfer title from a trustee to the
equitable owner of real estate, when title is held as collateral
security for a debt. Most commonly used upon payment in full of a
trust deed. Also called a deed of reconveyance or release. |
recorder
|
The public official who keeps records of transactions that
affect real property in the area. Sometimes known as a "Registrar
of Deeds" or "County Clerk." |
recording
|
The noting in the registrar’s office of the details of
a properly executed legal document, such as a deed, a mortgage
note, a satisfaction of mortgage or an extension of mortgage,
thereby making it a part of the public record. |
refinance transaction
|
The process of paying off one loan with the proceeds from a
new loan using the same property as security. |
rehab
|
A home or property in need of rehabilitating. |
REIT - Real Estate Investment Trust
|
A private corporation or trust that is allowed special status
under the U.S. tax code, enabling the entity to pay no corporate
income tax as long as its activities meet statutory tests
restricting its business to certain commercial real estate
activities. By law, REITs must pay out 90% of their taxable
income in the form of stockholder dividends to maintain their
tax-exempt status. |
remaining balance
|
The amount of principal that has not yet been repaid. |
remaining term
|
The original amortization term minus the number of payments
that have been applied. |
rent
|
Compensation or fee paid for the occupancy and use of any
rental property, land, buildings, equipment, etc. |
RESPA - Real Estate Settlements Procedures Act
|
A federal law requiring disclosure of certain costs in the
sale of residential property which is to be financed by a
federally insured lender. Also requires that the lender provide a
"good faith estimate" of closing costs prior to closing of the
loan. |
restrictive covenants
|
Private restrictions limiting the use of real property.
Restrictive covenants may bind all subsequent purchasers of the
land or may be binding only between the original seller and
buyer. Restrictive covenants may affect the property's value and
marketability of title. Covenants are widely used today because
of the proliferation of privately planned communities which use
them as a tool to control and guide future development. (see
CC&Rs) |
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. |
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 ingress or egress
|
The right to enter or leave designated premises. |
right of survivorship
|
In joint tenancy, the right of survivors to acquire the
interest of a deceased joint tenant. |
right of way
|
(1) The right to pass over property owned by another, usually
based upon an easement. (2) A path or thoroughfare over which
passage is made. (3) A strip of land over which facilities such
as highways, railroads or power lines are built. |
riparian rights
|
The rights of owners of lands bordering watercourses which
relate to the water and its use. |
