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Recourse
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.
RELATED TERMS--------------------------------------
Note
A written instrument acknowledging a debt and promising payment
Mortgage
A legal document pledging property as security for the payment of a loan.
Deed
A signed, written instrument that conveys title to real property.
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Endorser
A person who signs over ownership of property to another party.
SIMILAR TERMS--------------------------------------
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.
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.
PREVIOUS AND NEXT TERMS--------------------------------------
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
Recreant
1) Cowardly or craven. 2) Unfaithful, disloyal, or traitorous.
Rectangular (government) survey system
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.
Red flag
A visual sign or indication of a defect. Something that warns a reasonably observant person of a potential problem, thus requiring further investigation.
Red herring
The preliminary prospectus for an initial public offering.
Redemption
The process of paying off the mortgage at the end of the mortgage term.
This dictionary contains 6433 terms. |
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