RadonA toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses.
RafterA structural element of the roof, sloping from the peak to the outer walls.
Ranch HouseAn architectural style typified by a single-story, low-roof construction. Popular in the western U.S.
Rate CapThe limit on the amount that the interest rate on an ARM can increase or decrease during any one adjustment period.
Rate LockA guarantee from a lender of a specific interest rate for a period of time.
Ratified Sales ContractA contract that shows both you and the seller of the house have agreed to your offer. This offer may include sales contingencies, such as obtaining a mortgage of a certain type and rate, getting an acceptable inspections, making repairs, closing by a certain date, and the like.
Raw LandAny land which has not been developed.
Real EstateA piece of land and any improvements or fixtures located on that land.
Real Estate BrokerA licensed middle man or agent who represents buyers and/or sellers in real estate transactions. Brokers' fees for their services are usually charged on a commission basis.
Real Estate ProfessionalAn individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller. Unless you have specifically contracted with a buyer's agent, the real estate professional represents the interest of the property seller. Real estate professionals may be able to refer you to local lenders or mortgage brokers, but are generally not involved in the lending process.
Real Estate Settlement Procedures Act (RESPA)A federal law requiring lenders to give full disclosure of closing costs to borrowers.
Real PropertyLand, improvements and appurtenances, and the interest and benefits thereof.
RealtorA real estate agent or broker who is a member of the National Association of Realtors.
ReceptacleAn electrical outlet to plug into.
RecorderA local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.
RecordingThe filing of a real estate transaction with the appropriate government agent (normally the recorder). A real estate transaction is considered final when it is recorded.
RefinanceObtaining a new mortgage with all or some portion of the proceeds used to pay off the original mortgage.
Refinance TransactionA new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.
RefinancingThe process where a borrower pays off one loan with the proceeds from another loan. A property can be refinanced with a new loan from the current holder of the mortgage or from a new lender.
RegisterWhere air from a furnace or air conditioning system enters the room.
REITReal Estate Investment Trust
Relocation ServiceAny company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.
Remaining BalanceThe amount of principal, interest and other costs that has not yet been repaid.
Remaining TermThe amount of time remaining on the original amortization schedule.
RemodelAn activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.
REOReal Estate Owned
Repayment PlanA plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.
Replacement CostThe cost to replace damaged personal property without a deduction for depreciation.
Replacement Reserve FundAn account, or fund, setup for the replacement of short life items, such as carpeting, in the common areas of a cooperative property.
RepoRepossessed by the bank
Residential PropertyA piece of property whose highest and best use is the maintenance of a residence.
Revolving DebtA type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.
Ridge BoardThe structural member of a roof where the rafters join at the top.
Right of First RefusalAn agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.
ROIReturn on Investment
Roof PitchThe degree of slope in a roof.
RPAResidential Purchase Agreement
RTORent to Own
RuralAn area outside of an established urban area or metropolitan district.