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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