R Mortgage Terms | Watkinsville Real Estate
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Rate Lock - see Lock-In
Real
Property (Real Estate)
Anything that cannot be removed from the house or the
land without causing damage is Real Property and goes
with the land. This is the opposite of Personal Property
which might include such items as wall coverings, curtains,
some light fixtures, and appliances. You should have
a contract that specifies which items are real and which
are personal.
Real Estate Agent
A person licensed to negotiate and transact the sale
of real estate on behalf of the property owner.
Real
Estate Purchase Contract
A written contract signed by the buyer and seller stating
the terms and conditions under which a property will
be sold.
Realtor®
A real estate broker or an associate who holds active
membership in a local real estate board that is affiliated
with the National Association of Realtors.
Recorder
The county official who keeps records of transactions
such as deeds, liens and Trust Deeds that affect real
property in the area.
Recording
The county recorder records your Trust Deeds in order
to rank the various lenders for payment in the event
of a Foreclosure.
Refinance Transaction
The process of paying off one loan with the proceeds
from a new loan using the same property as security.
Remaining Term
The original amortization term minus the number of payments
that have been applied.
Rent With Option To Buy - see Lease-Purchase
Mortgage Loan
Repayment Plan
An arrangement made to repay delinquent installments
or advances. Lenders' formal repayment plans are called
"forebearance agreements".
RESPA (Real Estate Settlement Procedure
Act)
To comply with this act, your lender must give you a
good-faith estimate of the mortgage costs as well as
a breakdown of the actual costs before you sign the
binding mortgage contract (see Good-Faith
Estimate and Closing
Costs).
Reverse Equity Mortgage - see Home
Equity Conversion Mortgage
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