A • B • C • D • E • F • G • H • I • J • K • L • M • N • O • P • Q • R • S • T • U • V • W • X • Y • Z • Notes on Using this Glossary Real Estate Agent: An intermediary who buys and sells real estate for a company, firm, or individual and is compensated on a commission basis. The agent does not have title to the property, but generally has a fiduciary obligation to represent the owner. Real Estate Investment Trust (REIT): An entity that allows a very large number of investors to participate in the purchase of real estate, but as passive investors. The investors do not buy directly, but instead purchase shares in the REIT that owns the real estate investment. REITs are fairly common with the advent of mutual funds and can be purchased for as little as $10 per share, and sometimes less. Real Property: Land and buildings and anything that may be permanently attached to them. Recording: The placing of a copy of a document in the proper books in the office of the Register of Deeds so that a public record will be made of it. Redemption: The right that an owner-mortgagor or one claiming under him has after execution of the mortgage to recover back his title to the mortgaged property by paying the mortgage debt plus interest and any other costs or penal ties imposed prior to the occurrence of a valid foreclosure. The payment discharges the mortgage and places the title back as it was at the time the mortgage was executed. Reinstate: The payment of money sufficient to cure all amounts past due, including reasonable fees and costs incurred as a result of a default on a loan. Refinancing: The process of the same mortgagor paying off one loan with the proceeds from another loan. Reformation: The correction of a deed or other instrument by reason of a mutual mistake of the parties involved or because of the mistake of one party caused by the fraud or inequitable conduct of the other party. Release: The giving up or abandoning of a claim or right to the person against whom the claim exists or against whom the right is to be exercised or enforced. Release of Lien: The discharge of certain property from the lien of a judgment, mortgage, or claim. Rent: A compensation, either in money, provisions, chattels, or labor, received by the owner of real estate from a tenant for the occupancy of the premises. Rescission of Contract: The abrogating or annulling of a contract; the revocation or repealing of contract by mutual consent of the parties to the contract, or for other causes as recognized by law. Restrictive Covenants: Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may run with the land, thereby binding all subsequent purchasers of the land, or may be deemed personal and binding only between the original seller and buyer. The determination whether a covenant runs with the land or is personal is governed by the language of the covenant, the intent of the parties, and the law in the state where the land is situated. Restrictive covenants that run with the land are encumbrances and may affect the value and marketability of title. Restrictive covenants may limit the density of buildings per acre; regulate size, style, or price range of buildings to be erected; or prevent particular businesses from operating or minority groups from owning or occupying homes in a given area. This latter discriminatory covenant is unconstitutional and has been declared unenforceable by the U.S. Supreme Court. Revocation: The recall of a power or authority conferred, or the vacating of an instrument previously made. Right of Survivorship: Granted to two joint owners who purchase using that particular buying method. Stipulates that one gets full rights and becomes the sole owner of the property upon the death of the other. Right of survivorship is the fundamental difference between acquiring property as joint owners and as tenants in common. |