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Qualified Fee
An estate in fee simple bound by limitations imposed by the grantor Qualifying Ratios Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt. Quiet Enjoyment The right of an owner or tenant legally in possession to the use of property without interference from the landlord, or grantor, or anyone claiming through them. Quiet Title A court action brought to establish title or to remove a cloud on the title; an action clearing tax titles or titles based upon adverse possession. Quitclaim Deed A deed containing no warranties or covenants, which relinquishes any interest, title or claim in property the grantor may have, if any. Quorum A majority of the entire body; minimum needed to legally conduct a meeting. 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 at a specific cost. Ratification The approval or confirmation by one person, of an act or contract performed or entered into on their behalf by another, who at the time lacked authority to act as his agent. Ready, Willing and Able A person who is prepared, financially able, and willing to enter into a binding contract. Real Estate Agent A person licensed to negotiate and transact the sale of real estate. 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 agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors. Realtor-Associate A salesperson who works for a Realtor and belongs to the local Board of Realtors. Recapture Rate A factor used in the capitalization approach to estimate the return of the investment. Receiver A court appointed custodian who holds property for the court, pending final disposition of the matter before the court. Reconveyance A conveyance to the land owner of the title held by a trustee under a deed of trust. 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 act of writing or entering an instrument into a book of public records, which constitutes notice to all person of the rights or claims contained in the instrument; often called constructive notice. Redemption The right of an owner to redeem or reclaim property by paying the debt after default, together with interest and costs, and before sale at foreclosure. Equity of redemption refers to the right to redeem the property after default but before foreclosure. Reduction Certificate A certificate showing the unpaid balance of a mortgage, the interest, and the maturity date. Used when a prospective purchaser is going to assume a mortgage or take title subject to an existing mortgage. It is given by the mortgagee. Refinance Transaction The process of paying off one loan with the proceeds from a new loan using the same property as security. Reformation An action to correct a mistake in a deed or other document. Release The relinquishment or surrender of a right, claim, or interest. Release Clause A clause in a blanket mortgage which gives the property owner the right to pay off a portion of the indebtedness, thereby the obligation has been fulfilled and the debt paid off. Reliction Gradual recession of water from the usual watermark. Remainder Estate An estate created by single grant simultaneously with another which vests with a third party after termination of the prior estate; such as a life estate. Remainderman The one in whom an estate vests after termination of a prior estate. 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. Rendered Furnished, presented; performed; made. 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. Repayment Plan An arrangement made to repay delinquent installments or advances. 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. Rescind To annul; cancel. Rescission To annulling, revocation, or repealing of a contract by mutual consent of the parties, or for cause by either party to the contract, and returning the parties to their original position. Rescission Clause A clause occasionally found in an agreement of sale, which requires the seller to return all of the buyer’s payments less costs and a fair rental value in the event the buyer defaults. Reservation A right retained by a grantor in conveying property. Restriction A clause in a deed or other written instrument limiting the use to which the property may be put. Restrictive Covenant A limitation on the use of a property placed in a deed; a private restriction. Reversion The residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property. Reversionary Interest A present right to future possession of an estate. Revocation The act of recalling some agreement, power or interest previously given. Revolving Debt A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due. Rider An addition, addendum or endorsement annexed to a document; it should be signed or initialed. Right of Elections The right of a surviving spouse to 1/3 of the net probate estate of the deceased spouse. Right of First Refusal A right, usually given by an owner to a lessee, which gives the lessee the first chance to buy the property if the owner decides to sell. The owner must have a legitimate offer, which the lessee can then match, or refuse. 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. Right of Way An easement or right of passage over another’s land. Riparian Rights The right of a landowner to the use of water on or adjacent to his land. Royal Patent The instrument of original grant of sovereign lands in Hawaii to individuals. Running With the Land A covenant, which extends beyond the original parties to an agreement and binds all subsequent parties. |
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