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Terminology
Here Are Some Helpful Terms Used Throughout The Real Estate,
Mortgage, and Title Processes.
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Real Estate Broker |
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A middle person or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner.
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Real Estate Settlement Procedures Act (RESPA) |
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A consumer protection law designed to help consumers be more informed with the home buying process. It requires that borrowers receive disclosures at various times. RESPA also prohibits referral fees and similar acts that increase the cost of settlement services. |
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Recorder |
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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."
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Refinancing |
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The process of the same mortgagor paying off one loan with the proceeds from another loan. |
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Rent Free |
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If you are living with a relative or friend without paying rent, this is considered "rent- free". |
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Requested Cash Out |
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The amount of money you requested to get back from your mortgage transaction. Remember, your closing costs and escrows will be subtracted from this amount. |
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Rescission |
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The cancellation of a contract. When you use your home as collateral for a refinance or second mortgage, you generally have the right to cancel the credit transaction within three business days. |
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Reserves |
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The amount of money left in a borrowers possession after settlement. Typically the guidelines call for 2 months PITI to be in reserves. 401K type plans count towards reserves. The borrower needs to show they have funds in an account in the event of an emergency (furnace breaks). These funds can remain in vested in a 401k or stocks and still be counted to qualify.
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Restrictive Covenants |
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Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer. Restrictive covenants that run with the land are encumbrances and may affect the value and marketability of title. Restrictive covenants may limit the density of buildings per acre, regulate size, style or price range of buildings to be erected.
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Reverse Mortgage |
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A special type of home loan that lets elderly homeowners convert the equity in their home into regular payments of cash. |
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Right of Survivorship |
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In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
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