Real Estate - Also called "real property." (1) Land and anything permanently affixed to the land, such as building, fences and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items that would be personal property if not attached; (2) May refer to rights in real property as well as the property itself.
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Real Estate Broker/Agent - A representative who lists and or finds a buyer for the property on a commission basis. The broker does not have title to the property, but generally represents the owner.
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Realtor - A real estate broker or an associate holding active membership in a local real estate board affiliated with the National Association of Realtors.
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Recision - The cancellation of a contract. With respect to home refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security.
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Reconveyance - A document extinguishing the lien of a Deed of Trust after payment in full of the note. A Satisfaction of Mortgage is issued by a lender upon final payment of the note, and a Deed is issued by the holder of a Deed of Trust, upon final payment for the property.
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Recording - The noting in a public (government) office of the details of a legal document, such as a deed or mortgage, affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constructive knowledge of that information.
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Recording Fees - Fees charged by and paid to the county recorder’s office or other county entity for filing deeds and mortgages, and other documents related to land. All documents are filed for public record.
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Redlining - Systematic exclusion of certain geographic areas usually high-risk, low income neighborhoods, from mortgage investment.
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Refinance - Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.
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Regulation B - Prohibits discrimination by lenders on the basis of age, race, color, religion, national origin, sec, marital status, or receipt of income from public assistance programs. It establishes guidelines for gathering and evaluating credit information and requires written notification to the applicant in cases where credit is denied.
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Regulation Z - Requires that uniform methods be used to compute the cost of credit extended to individuals for personal, family, household, or agricultural credit.
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Reinsurance - One insurer assumes a portion of the risk of the insurance policy written by the other.
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Reissue rate - A discounted title insurance premium for the owner's title or lender’s title insurance applicable in cases where the seller/borrower of the land had purchased an owner's title or lender’s insurance policy within a specified period of time prior to the current purchase/refinance.
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Release - (1) To relieve from debt or security or abandon a right, such as the release of a mortgage lien from a
part or all of the land mortgaged; (2) The instrument effecting a release.
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Rent - Value or consideration paid for use or occupancy of land, buildings or dwelling units.
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Resale - A sale of a home which is not the original sale from the builder or developer. When a development is still in construction, the developer may control resales by original owners.
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Reserves - Funds set aside for a particular purpose, usually to protect the security of outstanding mortgage loans. Reserves are also held by condominium and homeowner associations for future maintenance needs, as a portion of the funds collected monthly, to reduce the need for future assessments for roof repairs, etc.
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Residential Mortgage - A loan extended to a borrower for which residential real estate bought with the funds is given as collateral.
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RESPA - Abbreviation for the Real Estate Settlement Procedures Act. RESPA is a federal law that allows consumers to review information on known or estimated settlement cost once after application and once prior to or at a settlement. The law requires lenders to furnish the information after application only.
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Restrictions (also Restrictive Covenant) - Limitations on the use of property imposed or created by deeds or other documents in the chain of title. A restriction, for example, may prohibit the owner of using the property as a farm.
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Riparian Rights - The rights of owners of lands bordering watercourses which relate to the water and its use.
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