REAL ESTATE DICTIONARY

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RANCHO

Grants of land to individuals dating back to the Spanish-Mexican governments. A large tract of land suitable for grazing horses or cattle

RANGE

A strip of land six miles wide, as determined by Government survey and running in a north-south direction.

REAL ESTATE

See REAL PROPERTY.

REAL ESTATE LIEN NOTE See note
REAL ESTATE OWNED Property acquired by a lender through foreclosure and held in inventory; commonly referred to as REO

REAL PROPERTY

Land and anything built on, growing on, or affixed to land. See also PROPERTY, PERSONAL PROPERTY.

REALTY

A term sometimes used as a collective noun for real property or real estate.

REASSIGNMENT

The action of changing Jurisdiction over real estate from one command or agency to another within the Department of the Army.

RECAPTURE CLAUSE

A clause in leases or deeds which gives the landlord the right to terminate if certain conditions or standards are not met. In a percentage lease, the landlord has the right to cancel if a specific minimum volume of business is not maintained. Also, a clause in Government outgrants which allows the Government to reacquire (recapture) the property if needed for national defense.

RECASTING Restructuring a loan with a new interest rate and term. It may be the same loan from the same lender, but the terms change. FHA has a formal procedure to recast loans to assist home buyers to stay in their houses

RECEIVERSHIP

After a bank is taken over by FDIC, it may be placed in receivership to liquidate its assets. The employees are fired and the assets shipped off to be sold at auction. The real estate is turned over to the RTC or the FDIC’s liquidation division.

Existing contracts with the institution in receivership are voidable at the option of the FDIC
RECORDING The act of writing or entering in a book of public record instruments affecting the title to real property
RECOURSE The right to claim against a prior owner of a property or note

RESCISSION OF CONTRACTS

The abrogating or annulling of contracts. the revocation or repealing of a contract by mutual consent by parties to the contract, or for cause by either party to the contract

RECTANGULAR SURVEY SYSTEM

Often called the United States Government Survey System; a method of describing or locating real property by reference to the Government survey. Used in about 30 states.

REDEMPTION

The right to redeem property during the foreclosure period; the right of an owner to redeem his property after a sale for taxes. Often referred to as Equity of Redemption.

REFINANCE The process of replacing and old loan with a high interest rate with a new one, usually at a lower interest rate

RELATED FURNISHINGS

Property which is not fixed to or part of a building: furniture, furnishings, equipment.

RELEASE

The discharge or relinquishment of a right, claim or privilege. Since a formal release is a contract relieving a person from any further legal obligation, it must contain a valuable consideration.

RELEASE CLAUSE A clause included in a blanket mortgage that gives the owner of the property the privilege of paying off part of the debt, and thus freeing part of the property from the mortgage
RELEASE FROM LIABILITY The document that relieves a person who is obligated to pay a loan of any further obligation. It may be obtained when a buyer takes over the payments on the seller’s old loan, provided the buyer meets the lender’s standards for income and creditworthiness. If granted, the release of liability means the seller will not be responsible if the buyer fails to pay

RELEASE OF LIEN

The discharge of certain property from the lien of a judgment, mortgage, or claim.

RELICTION

Addition or accretion to land by gradual subsidence of water.

RELIEF

Various types of loans, depending on their insurers (FHA, PMI companies, etc.) or their owners (FNMA, FHLMC), will offer various types of special payment plans or other assistance for borrowers who have missed payments. If it appears that the borrower can bring the loan current, the lender can allow a period of reduced payments with the difference made up at a later time during the loan. The lender could also assist with an early sale.

RELOCATABLE BUILDING

A building designed to be readily moved, assembled, disassembled, stored, and reused; a trailer type building, but not a mobile trailer. Usually considered personal property

RELOCATION ASSISTANCE

Benefits and assistance for Persons whose property is acquired under Title II of PL 91-646. The Acs provides payment for moving and related expenses, replacement housing for owners and tenants, relocation assistance advisory, and last resort housing.

REMAINDER

An estate which vests after the termination of the prior estate, such as a life estate. It is created at the same time and by the same instrument as another estate and limited to arise immediately upon the termination of the other estate.

REMOVAL The process of transferring a case from state court to federal court

RENT

A compensation, either in money, provisions, chattels, or labor, received by the owner of real estate from the occupant.

REO See Real Estate Owned
REPAYMENT PLAN A plan for repaying missed payments over time

REPLACEMENT COSTS

Cost of a building with equivalent utility but with modern materials and eliminating deficiencies of the building it replaces.

REPRODUCTION COSTS

Cost of building an exact duplicate of a structure, including deficiencies.

REPROGRAMMING

Transfer of funds from one appropriation account to another, for purposes different from the original appropriation.

REQUEST FOR NOTICE OF DEFAULT A document that under statutory provisions, allows certain interested parties to request and be entitled to notification of a default

RESERVATION

A right reserved by an owner in the grant (sale or lease) of a property.

RESERVED PUBLIC LANDS

See WITHDRAWN PUBLIC LANDS

RESIDUAL ESTATE

That which remains of a testator's estate after deducting the debts, bequests, and devises.

RESOLUTION TRUST CORPORATION A government-chartered corporation whose primary function is to manage and liquidate the assets of S&Ls that have lost too much money and been taken over and shut down by the FDIC. The Resolution Trust Corporation was created by FIRREA. It is probably the largest owner of real estate in the world

RESTRICTION

A limitation upon the use or occupancy of real estate, placed by covenant in deeds or by public legislative action.

RESTRICTIVE COVENANT

A clause in a deed limiting the use to which the property may be put.

REVERSION

The residue of an estate left in the grantor to commence in possession after the determination of some particular estate granted out by him. The return of land to the grantor and his heirs after the grant is over.

REVERSIONARY INTEREST

The interest that a person has in lands or other property upon the termination of the preceding estate.

REVOCATION

The recall of a power or authority conferred, or the vacating of an instrument previously made.

RIGHT OF SURVIVORSHIP

The distinctive characteristic of a joint tenancy (also tenancy by the entirety) by which the surviving joint tenants) succeeds to all right, title, and interest of the deceased joint tenant without the need for probate proceedings.

RIGHT-OF-ENTRY

A written instrument, binding on all parties, which provides authority to enter on certain premises to perform specified acts, without acquiring any estate or interest in the property

RIGHT-OF-WAY

The right or privilege, acquired through accepted usage or by contract, to pass over a designated portion of the property of another. A right-of-way may be private, as in an access easement given a neighbor, or public, as in the right-of-way to use the highways and streets.

RIGHT OF REDEMPTION See Redemption
RIGHT OF RECESSION The right to back out of a contract
RIGHT OF SURVIVORSHIP Right of the surviving joint owner to succeed to the interests of the deceased joint owner. This right is a distinguishing feature of a joint tenancy or tenancy by the entirety

RIPRAP

Loose stone piled on an embankment or slope to prevent erosion or washing-out.

RIPARIAN OWNER

One who owns land bounding upon a river or water course.

RIPARIAN RIGHTS

The right of a landowner to water on, under, or adjacent to his land, for general purposes, wharfing, and access to navigable waters. The rights of an owner of land on the bank of a stream or river.

RTC See Resolution Trust Corporation

 

COMPANY OVERVIEW
CCFG Investments provides alternative financing solutions for real estate investors, developers, and investment property owners. Our creative and flexible lending programs are the direct result of our involvement in more than 500 million dollars of real estate.
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