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Glossary
Glossary RD Glossary
- remaining term
- The original amortization term minus the number of payments that have been applied.
- rent loss insurance
- Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.
- repayment plan
- An arrangement made to repay delinquent installments or advances.
- replacement reserve fund
- A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.
- revolving debt
- A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
- right of first refusal
- A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
- right of ingress or egress
- The right to enter or leave designated premises.
- right of survivorship
- In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
- sale-leaseback
- A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
- second mortgage
- A mortgage that has a lien position subordinate to the first mortgage.
- secondary market
- The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.
- secured loan
- A loan that is backed by collateral.
- security
- The property that will be pledged as collateral for a loan.
- seller carry-back
- An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
- servicer
- An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
- servicing
- The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
- settlement statement
- See HUD1 Settlement Statement
- subdivision
- A housing development that is created by dividing a tract of land into individual lots for sale or lease.
- subordinate financing
- Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
- survey
- A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
- sweat equity
- Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
- tenancy in common
- As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
- third-party origination
- A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
- title
- A legal document evidencing a persons right to or ownership of a property.
- title company
- A company that specializes in examining and insuring titles to real estate.
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RD Glossary by Run Digital