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Welcome to your resource for New Hampshire Lakes RegionCentral and Seacoast Real Estate.
REAL ESTATE GLOSSARY

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RADON - A radioactive gas found in some homes that in sufficient concentrations can cause health problems.

RATE-IMPROVEMENT MORTGAGE - A fixed-rate mortgage that includes a provision that gives the borrower a one-time option to reduce the interest rate (without refinancing) during the early years of the mortgage term.

RATE LOCK - A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time. See lock-in.

REAL ESTATE AGENT - A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

REAL ESTATE SETTLEMENT PROCEDURES ACT(RESPA) - A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

REAL PROPERTY - Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

REALTOR - A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION OF REALTORS®.

RECISSION - The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. Borrowers usually have the option to cancel a refinance transaction within three business days after it has closed.

RECORDER - The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."

RECORDING - The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.

REFINANCE TRANSACTION - The process of paying off one loan with the proceeds from a new loan using the same property as security.

REHABILITATION MORTGAGE - A mortgage created to cover the costs of repairing, improving, and sometimes acquiring an existing property.

REMAINING BALANCE - The amount of principal that has not yet been repaid. See principal balance.

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.

RENT WITH OPTION TO BUY - See lease-purchase mortgage loan.

REPAYMENT PLAN - An arrangement made to repay delinquent installments or advances. Lenders' formal repayment plans are called "relief provisions."

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 LIABILITY - 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.

RURAL HOUSING SERVICE(RHS) - An agency within the Department of Agriculture, which operates principally under the Consolidated Farm and Rural Development Act of 1921 and Title V of the Housing Act of 1949. This agency provides financing to farmers and other qualified borrowers buying property in rural areas who are unable to obtain loans elsewhere. Funds are borrowed from the U.S. Treasury.

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CENTURY 21 Lakes Region Realty, Route 16 & 25, Ossipee, NH 03815 Cell: (603) 651-8806 Office: (603) 539-2155 Fax: (603) 539-2135
Website: WWW.REINNH.COM      Tim Wade & Pamela Ross, NH REALTORS      Email: LOOKING@REINNH.COM
 
©2007 CENTURY 21 Lakes Region Realty. An Equal Opportunity Company.  CENTURY 21 in 45 countries, 8,000 offices, 147,000 agents of change.
CENTURY 21 Lakes Region Realty fully supports the principles of the Fair Housing Act (Title VIII of the Civil Rights Act of 1968).

Each CENTURY 21 Office Is Independently Owned And Operated. All rights reserved. Information appearing on this site has been produced by or obtained primarily from CENTURY 21 Lakes Region Realty and its representatives and from CENTURY 21 franchisees. CENTURY 21 Lakes Region Realty is not responsible for the accuracy or completeness of the broker information, sales associate information, listing information or other information appearing on or through this site. Such information has been provided by independent third parties who are solely responsible for such content. Certain conditions and restrictions apply to promotions.
CENTURY 21®, your one-stop real estate resource. Equal Housing Opportunity.  
Copyright 2007 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice.  The agency referenced may or may not be the listing agency for the property listings displayed on this website.
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