REAL ESTATE TERMS

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There are currently 8 names in this directory beginning with the letter R.
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.

REAL ESTATE AGENT
A person licensed to negotiate and transact the sale of real estate.

REAL ESTATE OWNED
Real estate owned refers to property owned by a bank, government agency, or other lender.

Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

REALTOR®
A registered trademark term reserved for the sole use of active members of local REALTORS® boards affiliated with the National Association of REALTORS®.

REFINANCE
The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

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.