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| Rate Change Date |
On an adjustable rate loan, this is the date a new interest rate will be put into effect . This change can occur every 6 months, 24 months or 36 months depending on the terms of the note.
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| Rate Index |
See INDEX
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| Re-Recording |
The recording of a deed for a second time to correct an error contained in the deed originally recorded.
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| Real Estate Settlement Procedures Act (RESPA) |
A Federal law that requires lenders to disclose, in advance, an estimate of the costs associated with a loan and prohibits "kickbacks" for referring business to 3rd parties associated with a loan.
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| Real Property |
Land and all attachments to the land, such as buildings, crops or mineral rights. Ownership of real property can be divided into various types of interests and rights.
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| Rebuild Letter |
A letter provided by the appropriate municipality, stating a structure on a specific property can be rebuilt as originally constructed in the case of damage or destruction.
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| Recision |
The legal remedy for canceling, a contract and restoring the parties to their original positions; a return to status quo.
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| Reconveyance (RECON) |
An instrument used to transfer title from a trustee to the property owner when title is held as security for a debt. Most commonly used upon payment in full of a mortgage or trust deed.
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| Recording |
The act of recording a document such as a deed or mortgage in a public registry thereby giving notice to future purchasers, creditors or other interested parties. Recording is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded.
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| Recording Confirmation |
Notification from the title company verifying the lien has recorded as instructed.
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| Recording Fees |
The amount charged by a public records office to record the security instrument within the county.
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| Refinance (REFI) |
The creation of a new loan to pay off existing debts.
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| Regulation Z (Reg Z) |
Federal Reserve regulation issued under the Truth-in-Lending Law, which requires a credit purchaser be advised in writing of all costs connected with the credit portion of the purchase.
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| Rehab Loans |
This program allows a current homeowner to get a loan to rehab there home such as an addition, kitchen or bathroom remodeling or just about any home improvement idea you may have. The best part is you do not need a lot of equity to get this type of loan. We base the loan on the appraised value after the new improvements will be done.
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| Release of Lien |
When a lien against the property is satisfied, the note holder records a document that reflects the discharge of the obligation and releases the lien recorded against the property.
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| Release of Mortgage |
A recordable instrument that transfers title from a mortgagee to the mortgagor when title is held as collateral security for a debt. Most commonly used upon payment in full of a mortgage.
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| Rental Agreement |
A contract used by property owners who rent their property to another individual. Rental agreements should state the amount of rent the customer will collect from the renter.
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| Request for Full Reconveyance |
Written instructions provided by the beneficiary to the trustee to issue a deed of reconveyance when the conditions of obligation have been fulfilled.
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| Requirements to be Met |
Exceptions to be cleared and other actions that must be taken for a title company to issue a final title policy per the lender's instructions.
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| Rescind |
To void or cancel in such a way as to treat the contract, or other object of the rescission, as if it never existed.
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| Rider |
A rider is an addition to the security instrument.
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| Right of Survivorship |
If one property owner dies, all ownership rights automatically belong to the surviving owner.
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| Room Rents |
Income a homeowner receives from renting rooms in the same property in which they live.
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| Rural |
A term used to describe a property's location. For example, rural properties are in remote locations, on non-paved access roads or streets with support services more than 10 miles away. Rural is also a term used to describe the country as opposed to the city.
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