Seller Take-Back An agreement in which the seller of a property provides financing to the buyer for the home purchase. See also “Owner Financing.”   For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Security The property that will be given or pledged as collateral 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:...

Secured Loan A loan that is backed by property such as a house, car, jewelry, etc.  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:...

Secondary Mortgage Market The market in which mortgage loan and mortgage-backed securities are bought and sold.  Real estate words and definition  For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Second Mortgage A mortgage that has a lien position subordinate to the first mortgage.  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:...

Sale-Leaseback A transaction in which the buyer leases the property back to the seller for a specified period of time.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...

Securities A financial form that shows the holder owns a share or shares of a company (stock) or has loaned money to a company or government organization (bond).  Real estate words and definition For other words and definitions related to real estate auctions For...

Rural Housing Service (RHS) An agency within the U.S. Department of Agriculture (USDA), which operates a range of programs to help rural communities and individuals by providing loan and grants for housing and community facilities. The agency also works with private...

Right of First Refusal A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.  Real estate words and definition For...

Revolving Debt Credit that is extended by a creditor under a plan in which (1) the creditor contemplates repeated transactions; (2) the creditor may impose a finance charge from time to time on an outstanding unpaid balance; and (3) the amount of credit that may be...

Earnest Money Deposit The deposit to show that you’re committed to buying the home. The deposit usually will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled.  Real estate words and...

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...