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Quiet Title |
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- A suit brought to remove a claim or objection on title.
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Quit Claim Deed |
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A deed releasing whatever interest you may hold in a property but making no warranty whatsoever. Compare, SPECIAL WARRANTY DEED and GENERAL WARRANTY DEED |
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Rate Lock |
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A way you can establish that the interest rate on your loan remains the same between the time of your application, and when you qualify for the loan. When applying for a loan, you can lock the interest rate for a specific amount of time; depending on the length of the lock, this feature may cost as much as 1% of the total value of the loan, although often it is offered free of charge by the lender. |
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Reaffirmation Agreement |
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Debtor who has filed bankruptcy reconfirms the promise to pay a debt after filing bankruptcy. |
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Real Estate Investment Trust(Reit) |
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An investment vehicle established for the benefit of a group of real estate investors and managed by one or mire trustees who hold title to the assets for the trust and control its acquisitions and investments. |
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Reasonable Investigation |
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Statutory process in some foreclosure court jurisdictions mandating the procedures required to certify to the court that the defendant (mortgagor) cannot be found for the purpose of serving (hand delivering) a notice of a complaint in foreclosure, thereby permitting alternate service, usually publication of the complaint in an approved newspaper or nailing it to the door of the property which is called Posting. |
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Reassessment |
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The process of updating the understood value of a property for tax purposes. |
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Recision |
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The cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security. |
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Reconciled Value |
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The Fair Market Value of a property as determined by the weighted analysis of different types of opinions of value such as an Appraisal, BPO (Broker's Price Opinion), CMA (Comparative Market Analysis), Property Inspections, Electronic Data, and other methodology such as interviews with the producers of these products and corporate field inspections.
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Recording Fees |
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- Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
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Renegotiable Rate Mortgage |
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- A loan in which the interest rate is adjusted periodically. See adjustable rate mortgage.
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Reverse Annuity Mortgage (RAM) |
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A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a release of mortgage. |
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Reverse Repurchase Agreement |
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An agreement to purchase mortgage-backed securities from a party with a simultaneous agreement to resell them at a specified future date and price. |
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Riparian Rights |
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The rights of an owner of land adjacent to water. |
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Rollover |
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Renewal of a loan at the time of maturity; Reinvestment of the proceeds of the sale of a housing unit into another, which defers payment of the tax on the gain from the sale. |
