Key Real Estate Terms R | Myers Real Estate

Definitions Of Key Real Estate Terms R

This article provides the definitions of key estate terms beginning with the letter R.

Radon

Ready, Willing, and Ready Buyer

is one shoe is prepared to buy real estate on the seller’s terms and take the steps to consummate the transaction.

Real Estate

is a legal term that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location.

Real Estate Owned (REO)

is a term used to describe real property acquired by lenders through Foreclosure.

Real Estate Investment Trusts, REITS

sell like stocks on the major stock exchanges, and invest in real estate either directly through properties or mortgages. REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method of investing in real estate.

Real Estate Settlement Procedures Act RESPA

is a federal law that requires a good faith estimate of closing costs to be given to a consumer on certain first mortgages and a settlement statement to be provided at the closing itemizing all costs to the borrower in connection with the mortgage loan.

Real Property

is land and everything that is permanently affixed to it.  The interests, benefits, and rights inherent in real estate.

Realized Gain

is the profit made on the sale of a capital asset.

Realtor

is a trademark and is a real estate agent who is a member of the National Association of Realtors.

Reconveyance

is the act of conveying the title in property back to the original owner.

Recording

is the act of entering or recording documents affecting or conveying interests in real estate in the reorders office established in each county.

Recovery Fund

is a state regulated fund generally defined and described in the real estate license law and used as a source of money to indemnify the buyers and seller of real estate who have suffered losses due to a real estate licensee’s misrepresentation or fraudulent activity.  In New Mexico no more than $10,000 will be awarded for any one transaction and no more then $30,000 per licensee.  A petition to recover from the fund must be filed within 1 year after final judgment.

Rectangular Survey System

also called the Government Survey System was established in 1785 by the federal government, providing for surveying and describing land by reference to principal medians and base lines.  New Mexico uses the rectangular survey system.

Redemption Rights

are the right of a defaulted property owner to recover his rights to their property after a foreclosure.

Redemption Period

is a period of time established by state law during which a property has the right to redeem their real estate from a foreclosure.  New Mexico redemption period is 9 months; however it may be decreased if the mortgager and mortgagee agree on a lesser time frame, as long as it is at least 30 days.

Redlining

is a discriminatory and illegal practice in which financial institutions deny mortgages and other types of financing to residents of predominantly poor or minority neighborhoods, without regard to individual creditworthiness.

Refinance

is to obtain a new loan to pay off an existing loan.

Regulation Z is The Truth in Lending Act (TILA)

of 1968 is a United States federal law designed to protect consumers in credit transactions, by requiring clear disclosure of key terms of the lending arrangement and all costs.

Rent

is a predetermined payment or series of payments made by the lessee to an owner for use of some property, facility, equipment, or service.

Replacement Cost

is the term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time.

Reproduction Cost

is the cost to replicate an existing structure, using the same materials, standards, quality, design, etc. as the original structure.

Recission

is the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made; “recission may be brought about by decree or by mutual consent.”

Resolution Trust Corporation

is the agency set up to absorb the assets and debts from failed financial institutions during the savings and loan crisis of the 1980s. Its responsibilities were later shifted to the Savings Association Insurance Fund (SAIF), a unit of the Federal Deposit Insurance Corporation (FDIC).

Restrictive Covenants

is most commonly used to describe a use or uses prohibited to the owner of the land. Restrictions are set forth by former owners in deeds or in the case of subdivision; a declaration of restrictions is recorded by the developer.

Right-of-Way

is a strip of land that is granted, through an easement or other mechanism, for transportation purposes or utility purposes, such as for a rail line, highway, or utility lines. A right-of-way is reserved for the purposes of maintenance, operation, or expansion of existing services with the right-of-way.

Riparian Rights

are the rights of water use possessed by a person owning land containing or bordering a water course or lake.

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Definitions Of Key Real Estate Key Terms R