Radon: This is a form of gas which can be found in earth, it is toxic and can cause health problems.
Rate Cap:This is the limit held on the rate that an ARM is able to enlarge or shrink whilst in an adjustment time.
Rate Lock: This is an agreement that states the interest on the loan is unchangeable for a stated amount of time.
Ratified Sales Contract: This a legal document stating the approved offer made on a property by both parties invoked with the sale.
Real Estate Professional: This is a person who's role is to give the appropriate services that are required during process of either buying or selling a property. They generally make their money from a certain amount of the final sale value of the property.
Real Estate Settlement Procedures Act (RESPA): This is a law which states that the party issuing the loan is required to provide the client with transactional information before the loan has been settled.
Real Property: This covers any form of land, as well as anything that is placed on that land.
Recorder: This is a person with an official status who has the responsibility of recording transactions that happen within an area.
Recording: This is the process of storing any form of document within a publicly based record.
Refinance: This is the process of obtaining a new mortgage loan which has transferred over the monetary value used to fund a previous mortgage.
Rehabilitation Mortgage: This is a form of mortgage which is used to pay the.costs for any form of construction on a house.
Remaining Term: This is the final sum of cash that needs to be paid off on the mortgage, made up of the money due at the start subtracting the amount of money that has been deposited so far.
Repayment Plan: This is a plan whig is created to allow extra funds to be paid off which can cover previous values of money which were meant to be paid off previously.
Replacement Cost: TThis is the monetary value which is required to pay off the money required to fund replacements for damages caused.
Rescission: This is when a transaction is called off from interaction with the law. Clients have the ability to call off some mortgages as long as the request is within certain time frame.
Revolving Debt: This is when a form of credit is extended in some way that allows them to perform extended operations regarding the actions, status, charges and credit related to a loan.
Right of First Refusal: This is a agreement that states that the.owner of a specified house must provide a specified buyer the ability to buy or rent the stated house before anyone else.
Rural Housing Service (RHS): This is an organization that aids communities by allocating the required loans allowing them to make purchases in the property market.