Southwest Florida Real Estate
Real Estate and Mortgage Terms Glossary
Real Estate and Mortgage transactions have languages all their own. Since most people don't use these terms on any type of a regular basis, we are providing this real estate and mortgage term glossary as a quick and easy reference for you to use. Rather than being unsure about a terms meaning, you can check here first. Of course, if you need a more in-depth understanding, please contact us directly and we'll be happy to assist you.
Terms - Letter R
A radioactive gas produced by the natural decay of other radioactive substances, which is suspected to be a cause of cancer. See Radon Disclosure.
A structural element of the roof, sloping from the peak to the outer walls.
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.
A guarantee from a lender of a specific interest rate for a period of time. See Locking Interest Rates.
Any land which has not been developed.
A piece of land and any improvements or fixtures located on that land.
REAL ESTATE AGENT
A licensed professional who facilitates the buying and selling of real estate.
REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
A federal law requiring lenders to give full disclosure of closing costs to borrowers.
Land, improvements and appurtenances, and the interest and benefits thereof. See Real Property.
A real estate agent or broker who is a member of the NATIONAL ASSOCIATION of REALTORS®.
An electrical outlet to plug into.
A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.
The filing of a real estate transaction with the appropriate government agent (normally the Recorder of Deeds Office). A real estate transaction is considered final when it is recorded. See Title Insurance.
The mortgagor's right to pay off the mortgage loan balance to stop a foreclosure sale.
Discriminatory financing by a lending institution; Not lending in certain neighborhoods.
A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.
Where air from a furnace or air conditioning system enters the room.
The Truth-in-lending portion of the Consumer Credit Protection Act of 1968. It requires complete disclosure of the total costs involved in most credit activities.
Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilities etc.
The amount of principal, interest and other costs that has not yet been repaid.
The amount of time remaining on the original amortization schedule.
An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.
A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.
REPLACEMENT RESERVE FUND
An account, or fund, setup for the replacement of short life items, such as carpeting, in the common areas of a cooperative property.
A piece of property whose highest and best use is the maintenance of a residence.
REVERSE ANNUITY MORTGAGE
A mortgage that secures periodic payments to elderly persons who have borrowed on the equity in their homes. The mortgage must be repaid when the property is sold or when the owner dies.
A type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.
The structural member of a roof where the rafters join at the top.
RIGHT OF FIRST REFUSAL
An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.
RIGHT OF SURVIVORSHIP
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
The degree of slope in a roof.
An area outside of an established urban area or metropolitan district.