LISTING INFO 

Rescission The cancellation or annulment of a transaction or contract by operation of law or by mutual consent. Borrowers have a right to cancel certain mortgage refinance and home equity transactions within three business days after closing, or for up to three years...

Replacement Cost The cost to replace damaged personal property without a deduction for depreciation.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Repayment Plan An arrangement by which a borrower agrees to make additional payments to pay down past due amounts while still making regularly scheduled payments.   Real estate words and definition For other words and definitions related to real estate auctions...

Remaining Term The original number of payments due on the loan minus the number of payments that have been made.  Real estate words and definition  For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Rehabilitation Mortgage A mortgage loan made to cover the costs of repairing, improving, and sometimes acquiring an existing property.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Refinance Getting a new mortgage with all or some portion of the proceeds used to pay off the prior mortgage.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Recording The filing of a lien or other legal documents in the appropriate public record.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Recorder 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.”  Real estate words and definition For other words and definitions related to real estate auctions...

Real Property Land and anything permanently affixed thereto — including buildings, fences, trees, and minerals.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Real Estate Settlement Procedures Act (RESPA) A federal law that requires lenders to provide home mortgage borrowers with information about transaction-related costs prior to settlement, as well as information during the life of the loan regarding servicing and escrow...

Real Estate Professional An individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller. Unless you’ve specifically contracted with a buyer’s agent, the real estate professional...

Ratified Sales Contract A contract that shows both you and the seller of the house have agreed to your offer. This offer may include sales contingencies, such as obtaining a mortgage of a certain type and rate, getting an acceptable inspection, making repairs, closing...

Rate Lock An agreement in which an interest rate is “locked in” or guaranteed for a specified period of time prior to closing. See also “Lock-in Rate.”  Real estate words and definition For other words and definitions related to real estate auctions For all...

Rate Cap The limit on the amount an interest rate on an adjustable-rate mortgage (ARM) can increase or decrease during an adjustment period.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...

Radon A toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Quality Control A system of safeguards to ensure that loans are originated, underwritten and serviced according to the lender’s standards and, if applicable, the standards of the investor, governmental agency, or mortgage insurer.  Real estate words and...

Qualifying Ratios Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower’s total monthly income to monthly debt payments and other recurring monthly obligations.  Real estate words and...

Qualifying Guidelines Criteria used to determine eligibility for a loan.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Purchase Money Mortgage A mortgage loan that enables a borrower to acquire a property.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Purchase and Sale Agreement A document that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement typically would include: information about the property to be sold, sale price, down payment, earnest...