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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 Estate Owned (REO)
Property acquired by a lender through
foreclosure and held in inventory.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders
to give borrowers advance notice of closing costs.
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 sales agent 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.
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.
Recording gives constructive notice.
The fee for recording is paid by the person benefiting by the recording.
Refinance Transaction
The process of paying off one loan
with the proceeds from a new loan using the same property
as security.
Rehabilitation
The restoration of a property to satisfactory condition without drastically changing floor plan
or architectural style.
Remaining Balance
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.
Lenders' formal repayment plans are called "relief provisions."
Replacement Reserve Fund
A fund set aside for replacement of common property in a
condominium,
PUD, or cooperative
project -- particularly which has a short life expectancy, such as carpeting,
furniture, etc.
Repo
Slang for reposition.
A property that a lender owns after a
foreclosure sale.
Revolving Debt
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.
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.
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