Rate LockA 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 AgentA real estate agent is 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 PropertyLand 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.
Reconveyance ClauseThe clause in a trust deed that gives the title back to the borrower when the loan is paid in full.
RecorderThe public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."
RecordingThe 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 TransactionThe process of paying off one loan with the proceeds from a new loan using the same property as security.
Repayment PlanAn arrangement made to repay delinquent installments or advances.
Replacement Reserve FundA 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 DebtA credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved 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 Ingress or EgressThe right to enter or leave designated premises.
Right of RefusalA 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.
Regulation ZA truth-in-lending provision that requires lenders to reveal the actual costs of borrowing.
Remaining BalanceThe amount of principal that has not yet been repaid. See principal balance.
Remaining TermThe original amortization term minus the number of payments that have been applied.
Rent Loss InsuranceInsurance 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-Loss InsuranceInsurance that protects a landlord against loss of rent or rental value due to fire or other casualty, resulting in the tenant being excused from paying rent.
Right of SurvivorshipIn joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.