radon
A radioactive gas found in some homes that in sufficient
concentrations can cause health problems.
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.
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.
real
estate agent
A person 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 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 an associate 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.
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 created to cover the costs of repairing, improving,
and sometimes acquiring an existing property.
remaining
balance
The amount of principal that has not yet been repaid. See
principal balance.
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.
rent
with option to buy
See
lease-purchase
mortgage loan.
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
that which has a short life expectancy, such as carpeting,
furniture, etc.
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.
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.
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.
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