Real Estate Glossary R

Click on the beginning letter of the real estate term to find the definition.

A B C D E F G H I J L M N O P Q S T U V W Y

Realized Gain: Total profit on the sale or exchange of real property. Computed as net sales price less cost basis.

Recognized Gain: The amount of the realized gain on the sale or exchange of real property reportable in a given year on tax returns.

Reconveyance Deed: A deed from a trustee under a trust deed conveying legal title back to the property owner to release the lien of the trust deed.

Recordation: The recording of an instrument in the county recorder's office to give constructive notice of it.

Recourse: The right to claim against a prior owner of a property or note.

Redemption: 1. The correcting of a default under a trust deed or mortgage by paying the entire indebtedness plus foreclosure costs. 2. The reacquiring (buying back) of property sold at a judicial foreclosure sale by paying the amount for which it was sold plus certain other items specified by statue.

Refinance: To obtain new financing to pay off an existing loan.

Reinstatement: The curing of a default under a trust deed or mortgage by paying up the amount past due. Reinstatement restores the loan to the status it had before the default.

Release Clause: A provision in a blanket mortgage or trust deed allowing the owner of the properties to secure the release of properties upon certain terms, usually the payment of a certain sum of money.

Release of Liability: A letter or other form of release that relieves a debtor of any further responsibility on his debt or other obligation.

Release of Mortgage: A written instrument releasing the lien of a mortgage on real property.

Request for Reconveyance: An instrument executed by a trust deed holder directing the trustee to convey legal title to the property involved back to the owner. Most often, a form for this request is printed on the back of the trust deed so that the creditor may execute it when the debt is satisfied. It may also be a separate instrument.

Rescind: To cancel a contract or other transaction and restore to each what he had given under it.

Rescission: 1. The act of rescinding. 2. A legal action to rescind a contract or other transaction.

Reserve: An amount a funding source holds in its account to cover potential payment defaults. After a certain time period has passed, the funding source rebates the reserve to the client less any fees or charges for delinquency.

Restriction: A limitation upon the use of property that is specified in the title deed.

Right of Survivorship: Right of the surviving joint owner to succeed to the interest of the deceased joint owner.