A part of the government survey that is numbered east or west of the principal meridian.

Rate lock

The unchanging rate on a loan provided by a lender to a borrower for a specific amount over a specific time period.

Rate time and refinance

A refinance transaction where the new balance is calculated in order to cover the remaining balance on the loan as well as any associated costs accrued in pursuit of the new mortgage.


The process of approving an action made by a party who represents another party after the action has already been carried out.

Real estate broker

The licensed intermediary party that looks to find sellers who want to sell, and buyers who want to buy.

Real Estate Investment Trust

Under Federal and State Law, investors can pool funds for investment for Real Estate use while being exempt from corporate taxes. Requires participation by 100 or more people.

Real Estate Investment Trust (REIT)

Under federal and state law, investors can be exempt from corporate taxes on funds they allocate for Real Estate investments.

Real Estate Mortgage Investment Conduit (REMIC)

Under the Federal Tax legislation, any business entity in which all of the assets consist of qualifying mortgages and permitted investments avoids treatment as a corporation for tax purposes.

Real estate settlement Procedures Act

A consumer protection law that requires lenders to give borrowers advanced notice of all costs associated with closing.


In Texas, reconveyance is used as a means of transferring the title in land back to the borrower from the trustee when the Deed of Trust has been fully repaid.


This is the process of buying back a property after it has been lost through foreclosure. This property is recovered by the payment of delinquent taxes.

Refinance transaction

Typically done to secure a better interest loan rate, this is the process of paying off a loan by obtaining a new loan while using the same property as security.

Registrar of deeds

A public official who keeps a detailed list of all transactions that may affect real property in their governing area.


This is the practice of transferring some or all of one

Remaining balance

This figure represents the total outstanding amount a borrower still owes on a mortgage loan. This amount is only the principal, and does not include interest or any other charges.

Repayment Plan

This plan outlines the procedure to be followed in order to pay back delinquent installments or advances.

Replacement Reserve Fund

The Replacement Reserve Fund is a fund that is put aside for use in replacing common property in some kind of Planned Unit Development (PUD) such as a condominium, or cooperative venture. These funds are typically used for items that have a short life such as furniture or carpeting.

Rescission of Contract

A mutual agreement reached between two parties that terminates a previously written contract and acts as though there was never a contract drafted.


Displayed on the contract, deed or other official document, this is the guideline placed on a property that governs how a property may be used, including its occupancy and intended use.

Restrictive Conveyance

a document used to restrict the buyer of a property from using the land in a way that the seller deems is damaging to the land or the surrounding area

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