Ready, Willing, and Able - A person who is prepared, financially able, and willing to enter into a binding contract.
Real Estate - The physical land at, below, and above the earth’s surface with all appurtenances, including structures.
Real Estate Settlement Procedures Act (RESPA) - A Federal law dealing with federally related real estate loans for 1- to 4-family dwellings. Intended to provide borrowers with estimate of closing costs so they can comparison shop.
Real Property - Land and buildings as opposed to personal property or chattels.
Realtor ® - A Real Estate Broker or associate active in a local Real Estate Board affiliated with the National Association of Realtors.
Reconveyance - An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed. Also called a deed of reconveyance or release.
Recordation - Filing for record in the office of the county recorder.
Redlining - The unlawful practice of refusing to approve mortgage loans in certain neighborhoods on the basis of race or ethnic composition.
Regulation Z - The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.
Release of Mortgage - The instrument given by the mortgagee to the mortgagor indicating discharge of the mortgage, stating that the obligation has been fulfilled and the debt paid off.
Rescind - To annul; cancel.
Rescission - The annulling, revocation, or repeating of a contract by mutual consent of the parties, or for cause by either party to the contract, and returning the parties to their original position (the “status quo”).
Rescission Clause - A clause occasionally found in an agreement of sale which requires the seller to return all of the buyer’s payments less costs and a fair rental value in the event the buyer defaults.
Reverse Annuity Mortgage (RAM) - A type of mortgage developed for elderly homeowners with substantial equity wherein the mortgagee makes monthly payments to the mortgagor. Consequently, the homeowner is not forced to sell the home to meet fixed living expenses.
Right of Survivorship - The right of a survivor of a deceased person to the property of said deceased. A distinguishing characteristic of a joint tenancy relationship.
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