|
|
 |
 |
|
|
|
|
Radon |
A radioactive gas found in some homes that in sufficient concentrations can cause
health problems.
|
|
|
|
Remaining Term |
The original amortization term minus the number of payments that have been applied. |
|
|
|
|
|
Rate-Improvement Mortgage |
A fixed-rate mortgage that includes a provision that gives the borrower a one-time
option
to reduce the interest rate (without refinancing) during the early years
of the mortgage term. |
|
|
|
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. |
|
|
|
|
|
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. See lock-in.
|
|
|
|
Rent With Option
To Buy |
See lease-purchase mortgage loan. |
|
|
|
|
|
Real Estate Settlement Procedures Act (RESPA) |
A consumer protection law that requires lenders to give borrowers advance notice
of closing costs.
|
|
|
|
Repayment Plan |
An arrangement made to repay delinquent installments or advances. Lenders' formal
repayment plans are called "relief provisions."
|
|
|
|
|
|
Real Property |
Land and appurtenances, including anything of a permanent nature such as structures,
trees, minerals, and the interest, benefits, and inherent rights thereof.
|
|
|
|
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. |
|
|
|
|
|
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®. |
|
|
|
Revolving Liability |
A credit arrangement, such as a credit card, that allows a customer to borrow against
a preapproved line of credit when purchasing goods and services. The borrower is
billed for the amount that is actually borrowed plus any interest due. |
|
|
|
|
|
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.
|
|
|
|
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. |
|
|
|
|
|
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."
|
|
|
|
Right Of Egress |
The right to leave designated premises. |
|
|
|
|
|
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. |
|
|
|
Right Of Ingress |
The right to enter designated premises. |
|
|
|
|
|
Refinance Transaction |
The process of paying off one loan with the proceeds from a new loan using the same
property as security. |
|
|
|
Right Of Survivorship |
In joint tenancy, the right of survivors to acquire the interest of a deceased joint
tenant. |
|
|
|
|
Rehabilitation
Mortgage |
A mortgage created to cover the costs of repairing, improving, and sometimes acquiring
an existing property. |
|
|
|
Rural Housing Service (RHS) |
An agency within the Department of Agriculture, which operates principally under
the Consolidated Farm and Rural Development Act of 1921 and Title V of the Housing
Act of 1949. This agency provides financing to farmers and other qualified borrowers
buying property in rural areas who are unable to obtain loans elsewhere. Funds are
borrowed from the U.S. Treasury. |
|
|
|
|
|
Remaining Balance |
The amount of principal that has not yet been repaid. See principal balance. |
|
|
|
|
|
|
|
Back to Index >>
|
|
|