Terms starting with the letter R

Real Estate
Real property, realty, land. See Land and Real Property

Real Estate Settlement Procedures Act (RESPA)
Short for the Real Estate Settlement Procedures Act.  RESPA is a federal law that allows consumers to review information on known or estimated settlement cost once after application and once prior to or at a settlement.  The law requires lenders to furnish the information after application only.

Real- estate Taxes - See Property Taxes

Real Property
Land; the surface of the earth and whatever is erected, growing upon, or affixed to the land; including that which is below it and the space above it. Synonymous with "land", "realty", and "real estate".

Realty
Real property, land, real estate. See Land and Real Property

Receiver
A court appointed custodian who holds property for the Court, pending final disposition of the matter before the Court.

Recording
The act of writing or entering an instrument in a book of public record, usually in the office of the county clerk and recorder. Such recording constitutes notice to all persons of the rights or claims contained in the instrument.  This type of notice is called "constructive notice" or "legal notice".

Redemption
The right of an owner to redeem or reclaim the real estate by paying the debt or charge (such as mortgage or tax lien) after default, together with interest and costs.  More correctly, equity of redemption refers to the right to redeem the property after default but before foreclosure.  The statutory right of redemption refers to the right to redeem the property after foreclosure, or other enforcement action, during a certain period of time specified by statute.  For example, in Colorado, the mortgagor has the statutory right to redeem property any time within six months for agricultural property (75 days for platted residential dwellings) after a mortgage foreclosure or three years after a sale for delinquent property taxes.

Recording Fees
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.

Reference to Plat
A method of describing or locating real property by means of referring to a map of a subdivision, usually recorded in the office of the county clerk and recorder.

Release
The relinquishment or surrender of a right, claim, or interest.

Release of Lien
The discharge or release of specific property from the charge or lien of a judgment, mortgage or other claim.

Refinancing
The process of paying off one loan with the proceeds from a new loan secured by the same property.  The main reasons for  refinancing is to better the borrower with a lower interest rates, loan term reduction, switch to or from a fixed or ARM loan, receive cash out, debt consolidation, or to eliminate a balloon payment.

RESPA - See Real Estate Settlement Procedures Act
Short for the Real Estate Settlement Procedures Act. RESPA is a federal law that allows consumers to review information on known or estimated settlement cost once after application and once prior to or at a settlement.  The law requires lenders to furnish the information after application only.

Rescission Right  (3-Day Right of  Rescission)
The authority for borrowers to rescind or turn down the mortgage loan without any legal obligation.  This is a 3 day time period that starts at midnight the day after escrow signoff or loan close, and ends on midnight 3 days thereafter.

Restrictive Covenant
A clause in a deed limiting the use to which the property may be put.

Reverse Annuity Mortgage (RAM)
A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full.  Also called a "release of mortgage."

Revolving Loan
A loan with a maximum credit limit that provides the borrower with the ability to disburse funds up to the maximum credit line as needed.  The line of credit can be accessed repeatedly as the balance is paid down.  A revolving loan functions similar to a credit card and may be accessed by writing a check or a using a debit card.

RHS - See Rural Housing Service

Rider
An addendum or amendment to a contract.

Right of Survivorship
A characteristic of a joint tenancy; upon the death of one of the tenants, their rights in the property pass automatically to the surviving tenant or tenants.

Right of Way
An easement or right of passage over another's land; the strip of land used as roadbed by a railroad or used for a public purpose by other public utilities.

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.