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Real Estate Terms - letter R



Real Estate Terms - letter R

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Letter R


Radon
A radioactive gas found in some homes that in sufficient concentrations can produce health problems.

Rate lock
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a particular interest rate for a precise period of time.

Real estate agent
An individual licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that expects lenders to give borrowers advance notice of closing costs.

Real property
Land and appurtenances, as well as anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Recorder
The public official who keeps records of transactions that concerns real property in the area. Sometimes called as a "Registrar of Deeds" or "County Clerk."

Refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.

Rehabilitation mortgage
A mortgage formed to cover the costs of repairing, improving, and occasionally acquiring an existing property.

Remaining balance
The amount of main that has not yet been repaid.

Remaining term
The original amortization term minus the number of payments that have been practical.

Repayment plan
An arrangement made to repay delinquent instalments or advances. Lenders' formal repayment plans are know "relief provisions."

Right of ingress or egress
The right to enter or leave designated premises.

Right of survivorship
In joint tenancy, the right of survivors to get the interest of a deceased joint tenant.