RATE CHANGE DATE >> On an adjustable rate loan, this is the date a new interest rate will be put into effect . This change can occur every 6 months, 24 months or 36 months depending on the terms of the note.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) >> A Federal law that requires lenders to disclose, in advance, an estimate of the costs associated with a loan and prohibits ?kickbacks? for referring business to 3rd parties associated with a loan.

REAL PROPERTY >> Land and all attachments to the land, such as buildings, crops or mineral rights. Ownership of real property can be divided into various types of interests and rights.

REBUILD LETTER >> A letter provided by the appropriate municipality, stating a structure on a specific property can be rebuilt as originally constructed in the case of damage or destruction.

RECISION >> The legal remedy for canceling, a contract and restoring the parties to their original positions; a return to status quo.

RECONVEYANCE (RECON) >> An instrument used to transfer title from a trustee to the property owner when title is held as security for a debt. Most commonly used upon payment in full of a mortgage or trust deed.

RECORDING >> The act of recording a document such as a deed or mortgage in a public registry thereby giving notice to future purchasers, creditors or other interested parties. Recording is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded.