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.

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