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Term Definition
Recision

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.

Recording

The noting in a public office of the details of a legal document - such as a deed or mortgage - affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constructive knowledge of that information.

Recording Fees

Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.

Reinsurance

A contractual relationship between two insurance companies under which one insurer assumes a portion of the risk of the insurance policy written by the other.

Release

To relieve from debt or security or abandon a right, such as the release of a mortgage lien from a part or all of the land mortgaged.

The instrument effecting a release.

RESPA

Short for the Real Estate Settlement Procedures Act. RESPA is a federal law that allows consumers to review information on known or estimated settlement cost once after application and once prior to or at a settlement. The law requires lenders to furnish the information after application only.

Restrictions

Limitations on the use of property imposed or created by deeds or other documents in the chain of title. A restriction, for example, may prohibit the placement of trailer or the construction of a commercial structure on the property.

Reverse Annuity Mortgage (RAM)

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."remier" mortgage.

Riparian Rights

The rights of owners of lands bordering watercourses which relate to the water and its use.

Sale Agreement

A contract entered into between a buyer and seller, setting forth the terms, provisions and conditions of a sale of real estate.

Sale and Leaseback

The sale of an asset to a buyer who immediately leases it back to the seller.

Search

A careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title.

Second Mortgage

A mortgage ranking in priority immediately below a first mortgage.

Subordination

The act or process by which a person's rights are ranked below the rights of others. For example, a second mortgagee's rights are subordinate to those of the first mortgagee.

Surety

A person who agrees to be responsible for a debt or obligation of another.

The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.

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