|
Word |
Definition |
| Recision of a Contract |
The annulling or cancellation of a contract and placing the parties to it in a position as if there had not been a contract. With respect to mortgage refinancing, the law that gives the homeowner three days (the recision period) to cancel a contract if the transaction uses equity in the primary home as security |
| Recital |
Setting forth in a deed or other writing some explanation for the transaction. |
| Recording Fee |
The amount paid to the recorder's office in order to make a document a matter of public record. |
| Refinance |
Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property |
| Reissue Rate |
A charge for a title insurance policy if a previous policy on the same property was issued within a specified period. Reissue is less than the original charge. |
| Release |
An instrument releasing property from the lien of the mortgage, judgement, etc |
| RESPA (Real Estate Settlement Procedures Act) |
A federal statute effective June 20, 1975, requiring disclosure of certain costs in the sale of residential improve property which is to be financed by a federally insured lender. |
