REALTOR
A person licensed to negotiate and transact the sale of real estate on behalf of the borrower or seller. |
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RECAST
To redesign an existing loan balance into a new loan for the same period or longer |
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RECISION
The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. |
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RECORDER
The public official who keeps records of transactions that affects real property in the area. |
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REFINANCE
To pay off one loan with the proceeds from a new loan, using the same property as security. |
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REINSTATEMENT
Paying up all delinquent mortgage payments and late charges. |
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RELEASE
An instrument releasing property from the lien of the mortgage, judgment, etc. |
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RESERVES
The amount of money left in a borrowers possession after settlement. |
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RESPA
Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review estimated settlement costs. |
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