Radon - A naturally appearing radioactive gas found in some buildings,
that, in sufficient concentrations, may cause health problems.
Rate Lock - An agreement by a lender to guarantee the interest rate offered for a mortgage
provided that the loan closes within the specified period of time.
Real Estate Settlement Procedures Act (RESPA) - A consumer protection law
that requires mortgage lenders and brokers to give borrowers advance notice of
closing costs in the form of a Good Faith Estimate.
Real Property - Land and anything permanently affixed to the land, including structures,
trees, minerals, and the interest, benefits and rights thereof.
Recording - The entering in a book of public record the details of a
properly executed legal instrument that affects title to real property, thereby making
it a part of the public record.
Recording Fees - A fee charged by the local government to record mortgage
documents into the public record so that any interested party is aware that a
lender has an interest in the property. A
recording fee is considered to be a tax or other unavoidable fee.
Refinance - The process of paying off any existing mortgages on a home
with a new mortgage loan.
Right of First Refusal - A contract provision that requires a property
owner to give another party the first opportunity to purchase or lease the
property before it is offered to others.
Right of Survivorship - In joint tenancy, the right of surviving joint
tenants to acquire the interest of a deceased joint tenant.