Glossary of Real Estate Terms "R"

Like many other industries, the real estate industry has its own unique language and vocabulary. Without some knowledge of this specialized language, you may find yourself a bit confused if you become involved in a real estate transaction.

Whether entering the real estate market for the first time or if you have invested before, this handy reference will provide an understanding of basic real estate words and phrases.


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R

Real Estate – Also called “real property”. (1) Land and anything permanently affixed to the land, such as buildings, fences and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items that would be personal property if not attached. (2) May refer to rights in real property as well as the property itself.

Recording – The noting in a public office of the details of a legal document – such as a deed or mortgage – affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally that means that all subsequent purchasers are deemed to have constructive knowledge of that information.

Reinsurance – A contractual relationship between two insurance companies under which one insurer assumes a portion of the risk of the insurance policy written by the other.

Release – (1) To relieve from debt or security or abandon a right, such as the release of a mortgage lien (also called a “mortgage discharge” or “satisfaction of mortgage”) from part or all of the land mortgaged. (2) The instrument effecting a release.

Restrictions - Limitations on the use of property imposed or created by deeds, subdivision restrictions or other documents in the chain of title. A restriction, for example, may prohibit the placement of a trailer or the construction of a commercial structure on the property or any further divisions of the property in the future.

Riparian Rights – The rights of owners of lands bordering watercourses which relate to the water and its use.

 




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