Ready, Willing And Able – A person who is prepared, financially able, and willing to enter into a binding contract.

Realtor – A broker who belongs to NAR. (See NAR).

Realtor Associate – A salesperson who works for a Realtor and belongs to the local Board of Realtors.

Reconveyance – A conveyance to the land owner of the title held by a trustee under a deed of trust.

Recording – The act of writing or entering an instrument into a book of public records, which constitutes notice to all persons of the rights or claims contained in the instrument; often called constructive notice.

Refinance – Refinancing is to obtain a new loan to pay off an existing mortgage or agreement of sale.

Release – The relinquishment or surrender of a right, claim, or interest.

Release of Mortgage – The instrument given by the mortgagee to the mortgagor indicating discharge of the

Remainder Estate – An estate created by single grant simultaneously with another which vests with a third party after termination of the prior estate; such as a life state.

Rescind – To annul; cancel.

Rescission – The annulling, revocation, or repealing of a contract by mutual consent of the parties, or for cause by either party to the contract, and returning the parties to their original position (the “status quo”).

Restriction – A clause in a deed or other written instrument limiting the use to which the property may be put.

Reverse Mortgage – The reverse mortgage is special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community.

Rider – An addition, addendum or endorsement annexed to a document; it should be signed or initialed.

Right Of Way – An easement or right of passage over another’s land.

Running With The Land – A covenant which extends beyond the original parties to an agreement and binds all subsequent parties.