Breadcrumbs: home > debt management adviceDebt Related Terms & Definitions
- rate lock
- A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.
- real estate agent
- A person licensed to negotiate and transact the sale of real estate.
- Real Estate Settlement Procedures Act (RESPA)
- A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
- real property
- Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.
- A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
- The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."
- The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
- refinance transaction
- The process of paying off one loan with the proceeds from a new loan using the same property as security.
- remaining balance
- The amount of principal that has not yet been repaid. See principal balance.
- remaining term
- The original amortization term minus the number of payments that have been applied.
- rent loss insurance
- Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.
- repayment plan
- An arrangement made to repay delinquent installments or advances.
- replacement reserve fund
- A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.
- See Real Estate Settlement Procedures Act
- revolving debt
- A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
- right of first refusal
- A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
- right of ingress or egress
- The right to enter or leave designated premises.
- right of survivorship
- In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.