Registrar of deeds
A public official who keeps a detailed list of all transactions that may affect real property in their governing area.
This is the practice of transferring some or all of one
This figure represents the total outstanding amount a borrower still owes on a mortgage loan. This amount is only the principal, and does not include interest or any other charges.
This plan outlines the procedure to be followed in order to pay back delinquent installments or advances.
Replacement Reserve Fund
The Replacement Reserve Fund is a fund that is put aside for use in replacing common property in some kind of Planned Unit Development (PUD) such as a condominium, or cooperative venture. These funds are typically used for items that have a short life such as furniture or carpeting.
Rescission of Contract
A mutual agreement reached between two parties that terminates a previously written contract and acts as though there was never a contract drafted.
Displayed on the contract, deed or other official document, this is the guideline placed on a property that governs how a property may be used, including its occupancy and intended use.
a document used to restrict the buyer of a property from using the land in a way that the seller deems is damaging to the land or the surrounding area
Reverse Annuity Mortgage
This loan gives homeowners of older homes the ability to convert the equity of their house into cash by making monthly payments. Qualification for this mortgage rests on the value of the home. The loan has to be paid in full by the time the homeowner no longer occupies the property.
A reversion refers to the right of an owner to make a
Interest on a preceding property or property a person may have.
The most common form of revolving debt being a credit card, revolving debt refers to the debt owned on an account that the owner can repeatedly add to and pay off without having to reapply for the credit with every transaction.
Right of First Refusal
This provision within a contract requires the seller to offer up a property to a specified party first before it is made available for rent or sale to the general public.
Right of Survivorship
A distinguished characteristic of a Joint Tenancy Deed, this right allows a party to acquire the interest of a deceased joint owner.
Right of Way
This easement gives a party the right to pass through another
Right to egress
The given right to leave a specific area.
Right to Ingress
The given right to enter a specific area
The right given to a party to use local waterways in nearby lakes or rivers.
In Texas, residents with certain types of property, such as agricultural land, may qualify for specific exemptions and tax breaks. When the property is sold to another party, this party may have to pay the taxes. Rollback taxes is the difference between the amount the land owner owed in property taxes and the amount the land owner would have owed had there been no exemption, for each of the five tax years preceding the change in use.
A formal document that represents an agreement on terms of a sale, where a property will be transferred from a seller to a buyer.
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