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Real Estate Terms starting with (R)

The Following are real estate terms and topics: Starting With the Letter (R)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms R

Real Estate Terms R

Radon
A radioactive gas that occurs naturally in the soil and is created by the decay of uranium. Radon can become concentrated in homes and buildings, because it can seep in through the foundation.

Rate-improvement mortgage
A loan permitting a borrower to reduce his or her interest rate once without paying refinance charges.

Rate lock
The borrower or lender agree to protect the interest rates, points, and term of the loan while it is processed.

Real estate agent
A person licensed by the state who represents a broker in real estate transactions.

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

Real property
land, including land improvements, structures and appurtenances thereto, excluding movable machinery and equipment.

Realtor®
a real estate agent who is a member of 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.

Recorder
The public official who keeps records of transactions that affect real property in the area.

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 that covers the costs of rehabilitating (repairing or improving) a property; some rehabilitation mortgages - like the FHA’s 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.

Remaining balance
Interest is calculated only on the remaining or unpaid balance of the loan. As a result, interest payments decline as the unpaid loan balance declines. The effective rate is the same as the stated rate.

Remaining term
The original loan term minus the number of payments made.

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 written agreement between the borrower and the lender to implement a payment delay agreement due to unforeseen circumstances wherein the property or employment status is affected.

Replacement reserve fund
A fund set aside for replacement of common property in a condominium, PUD, or cooperative project.

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.

Right of first refusal
a person’s right to have the first opportunity to either lease or purchase real property.

Right of ingress or egress
The right to enter or leave over another’s land.

Right of survivorship
The distinguishing feature of joint tenancies which provides that, where land is held in undivided portions by co-owners, upon the death of any joint owner, his/her interest in the land will pass to the surviving co-owner, rather that to his/her estate.

Rural Housing Service (RHS)
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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