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Recognition clause
Recognition clause A clause found in some blanket mortgages used to purchase a tract of land for subdivision development providing for protection of the rights of the ultimate buyers of individual lots in case of default by the developer.
RELATED TERMS--------------------------------------
Land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
Subdivision
A housing development that is created by dividing a tract of land into individual lots for sale or lease.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Developer
One who attempts to put land to its most profitable use through the construction of improvements.
SIMILAR TERMS--------------------------------------
Recognized capital gains
The recognized capital gain from the sale of an asset subject to income taxes.
Reconciliation
1) The final step in an appraisal process, in which the appraiser reconciles the estimates of value received from the direct sales comparison, cost, and income approaches to arrive at a final estimate of market value for the subject property. 2) The balancing of entries in a double-entry accounting system.
Reconstructed cash flow analysis
An estimated cash flow analysis for a rental property, prepared by an agent using accurate property information.
Reconveyance
The transfer of title to the borrower after a mortgage has been paid fully.
Reconveyance deed
A deed used by a trustee under a deed of trust to return title to the truster.
Reconveys
In satisfying a deed of trust, the trustee reconveys full title to the borrower.
Recorder
The public official who keeps records of transactions that affect real property in the area.
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.
Recording deed
Entering the deed (owner's title) in public records to protect against subsequent claimants.
Recording fee
A charge by a local government to file official records of a real-estate transaction.
Recourse
The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment.
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Receiver
An independent party appointed by a court to impartially receive, preserve and manage property that is involved in litigation, pending final disposition of the matter before the court.
Recession
A prolonged period (popularly defined as two successive quarters) in which economic activity shrinks.
Recession of contract
Annulling a contract and placing the parties to it in a position as if there had not been a contract.
Recission
An option in the discharge of a contract. If both parites agree, they may rescind a contract in a process called recission.
Recital
Setting forth in a deed or other writing some explanation for the transaction.
Recognition clause
Recognized capital gains
The recognized capital gain from the sale of an asset subject to income taxes.
Reconciliation
1) The final step in an appraisal process, in which the appraiser reconciles the estimates of value received from the direct sales comparison, cost, and income approaches to arrive at a final estimate of market value for the subject property. 2) The balancing of entries in a double-entry accounting system.
Reconstructed cash flow analysis
An estimated cash flow analysis for a rental property, prepared by an agent using accurate property information.
Reconveyance
The transfer of title to the borrower after a mortgage has been paid fully.
Reconveyance deed
A deed used by a trustee under a deed of trust to return title to the truster.
This dictionary contains 6433 terms. |
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