Land and anything permanently affixed to it, including buildings, fences and other items attached to the structure.
A real estate agent has a state license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers.
An attorney who specializes in real estate transactions.
A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction in exchange for a commission. Most brokers also have agents working for them, and are entitled to a portion of their commissions.
The trusts are publicly traded companies that own, develop and operate commercial properties.
A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws kickbacks in the real estate business.
Real Property
The land, the air above and the ground below, as well as any improvements on the land. It includes the interests, benefits and rights inherent in the ownership of real estate.
A designation for an agent or broker who is a member of the National Association of RealtorsŪ.
The cancellation of a contract by law or consent by the parties involved.
When a borrower completely pays off the mortgage, the property is reconveyed to them from the lender.
Recording
The act of entering the documents affecting title to real property into the book of public records.
A fee charged by real estate agents for conveying the sale of a piece of property into the public record.
Regular System
A system of recordation of documents affecting land in the State of Hawaii.
When a house is repossessed, it is taken back by the lender holding the mortgage.
The future value of a piece of property that can be affected by many factors, including the surrounding neighborhood, school scores, and economic and housing market conditions.
Reservations
Rights which one will keep in the land when selling to another party.
Reserve Study
An analysis done by or on behalf of a common interest community that examines and estimates the future costs of major repairs and maintenance that the community will encounter, and determines how much money will need to be collected each year to pay for the repairs and maintenance.
The amount of profit a property generates.
An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market.
A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing.
Risk of Loss
A responsibility for damages caused to Property.
