Real Estate Glossary

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Real Estate
Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.

Real Estate Settlement Procedures Act (RESPA)
A consumer protection law originally enacted in 1974 which, among other things, requires advance disclosure to borrowers regarding mortgage closing costs.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.

Reconveyance
The transfer of title to real estate from one person or entity to the immediate preceding owner. It is used, for example, when a debt is paid in full under a deed of trust or mortgage.

Recording
The noting in a public registrar's office of the details of a properly executed legal document, such as a mortgage or deed, thereby making it a part of the public record.

Recourse
The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment.

Redemption
To repurchase, to buy back, to recover property used as security for a mortgage by paying the debt.

Refinance
The act of placing financing on a parcel of real property subsequent to the date the property was purchased. This is often done to retire a current mortgage for a new one with a lower interest rate, or to liquidate part of an owner's equity in the property.

Reissue Rate
A charge for title insurance policy if a previous policy on the same property was issued within a specified period. Reissue is less than the original charge.

REIT (Real Estate Investment Trusts)
A method of investing real estate in a group, with certain tax advantages.

Release
An instrument releasing property from the lien of the mortgage, judgment, etc.

Replacement Cost
The cost of replacing an existing structure with one of equivalent value and utility.

Residential Mortgage Credit Report
A report requested by your lender that utilized information from at least two of the three national credit bureaus and information provided on your loan application.

Reverse Mortgage
A special program for the elderly that provides income until death. Payments are made by increases in the principal amount of the loan.

Right of Recission
A right extended to borrowers pursuant to law that permits them to cancel a mortgage refinance transaction within three days from the date the settlement documents were executed.

Right of Survivorship
Applies to co-ownership of property under a joint tenancy wherein, if one owner dies, the individual estate in the property passes to the surviving owner(s).