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 at a specific cost. |
real estate agent
A person licensed to negotiate and transact the sale of real estate. |
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 agent, broker or an associate who holds active membership in a local
real estate board that is affiliated with the National Association of Realtors. |
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. |
remaining balance
The amount of principal that has not yet been repaid. See principal balance. |
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remaining term
The original amortization term minus the number of payments that have been applied.
|
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. |
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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