Real Estate Terminology
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Range Lines. The surveyed north-south lines
running every six miles east and west of the sub-meridian.
Red Lining. The outlining of a map of certain
"high risk" areas for real estate loan purposes. This means lenders will not extend credit in these areas for real
property loans, regardless of the qualifications of the applicant. Some states have passed laws against this practice.
The use of a red pen or pencil for the outline gave rise to the term.
Regulation Z. Federal Reserve regulation issued
under the Truth-in-Lending Law, which required that the credit purchaser be advised in writing of all costs
connected with the credit portion of the purchase.
Reinforced Concrete. Concrete strengthened by
reinforcing by the addition of steel bars, mesh, and other materials.
Reinstatement. Payment of a note, mortgage,
deed of trust, etc., to bring it from default to good standing. A secondary meaning is the restoration of a
previously-used entitlement to a veteran to enable the veteran to purchase property under the VA program which
is also known as a "Restoration of Eligibility".
Release. An instrument releasing property
from the lien of a mortgage, judgment, etc. When a trust deed is used, the instrument is called a re-conveyance.
In some areas, a "discharge" is used instead of a "release".
RESPA. The Real Estate Settlement Procedures Act (RESPA)
was a law enacted on June 20, 1975 requiring the disclosure of certain costs in the sale of a one to four family
residential property unit which is financed by a federally insured lender.
Short Sales. "Short sales" are sales where the
proceeds from the sale of a home are insufficient to payoff all leins and the outstanding mortgage balance.
This situation normally occurs when an owner is unable to meet their current financial obligations and the property
would otherwise be going into foreclosure. For an owner in need of short term cash, there are financial institutions
which offer cheap online cash advances such as the site at
Cash Advances.
Real Estate Terminology
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