Glossary - R

Range
A part of the government survey, being a strip of land six miles in width, and numbered east or west of the principal meridian.

 

Ratification
The adoption or approval of an act performed without previous authorization on behalf of a person or legal entity.

 

Real Property
Land, together with fixtures, improvements and appurtenances.

 

Realty
A brief term for real property.

 

Recording
Filing a document with a designated public official authorized to receive such documents in order to establish a public record. Documents, stamped to indicate the time of day and date when officially filed, are considered to provide open notice to the general public of the county.

 

Redeem
Literally “to buy back.” The act of buying back lands after a mortgage foreclosure, tax foreclosure, or other execution sale.

 

Registered Land
See “Torrens Title.”

 

Reinsurance
To insure again by transferring to another insurance company all or part of an assumed liability, thus spreading the loss risk any one company has to carry.

 

REIT
Real Estate Investment Trust. A product of federal tax legislation formed as a business trust, under a special state REIT statute or as a corporation for the purpose of investing in real estate or mortgages on real estate.

 

REMIC
Real Estate Mortgage Investment Conduit. A product of 1986 federal tax legislation in which a business entity such as a corporation, partnership, or trust in which substantially all of the assets consist of qualified mortgages and permitted investments, elects to be treated as a REMIC. Qualification avoids treatment as a corporation for tax purposes.

 

Requirements
Conditions that must be satisfied before a title insurance policy will be issued insuring marketable title to a parcel of real property.

 

Research Plant
The privately-owned collection of records and indices regarding the ownership of and interests in real property. Such collections are regularly maintained and updated with information from the public records.

 

RESPA
Real Estate Settlement Procedures Act. Federal law enacted in 1974 to standardize real estate settlement procedures in the United States.

 

Restriction
A limitation on or prohibition of certain uses of real property.

 

Reverse or Reverse Annuity Mortgage
A mortgage for which the borrower pledges home equity in return for regular (monthly) payments, rather than a lump sum distribution of loan proceeds. Repayment is usually not required until the home is sold or the borrower’s estate is settled, provided the borrower continues to live in the home and keeps current all taxes and insurance.

 

Right of Survivorship
The right to acquire the interest of a deceased joint owner; in joint tenancy, this property right passes automatically to the surviving tenant(s).

 

Right-of-Way
The right which one has to pass across the lands of another. An easement.

 

Riparian
Rights to use of water and waterways in adjoining lakes or rivers. Literally “river bank.”

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