Radon

Radon is a colorless and odorless gas that is the second leading cause of lung cancer. A 2016 report by the US Environmental Protection Agency noted that approximately one in 15 homes in the US contains elevated levels of radon. Radon is produced by the natural breakdown of uranium, rock soil, and water that seeps […]

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RESPA

Short for Real Estate Settlement Protection Act, RESPA is a set of laws passed by Congress in 1974 to protect the rights of consumers during the closing of a real estate transaction. It aims to educate consumers about settlement services like escrow and title companies, as well as prohibit extra referral fees related to closing costs. […]

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Right of First Refusal

(1) This is one of the more complicated real estate definitions listed here. In essence, of the owner of a property decides to sell their residence and a second party holds a right of first refusal, they have to be offered the chance to purchase the home before any other potential buyers. Sellers can offer […]

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REALTOR® Code of Ethics

The promise to work in the best interests of their clients and abide by all rules and regulations set by local, regional, and national governments and the National Association of REALTORS itself: That pretty much sums up the REALTOR Code of Ethics, a mandate every member of the trade group must follow in their day-to-day. Treating […]

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REALTOR® Association

One of the perks of being a REALTOR is you can join your local REALTOR Association. This group comprises all REALTORS in a particular area — city, state, or region — and offers members of the organization ongoing education, in-depth housing data, and other resources to help elevate their careers. Meetings and special events are held […]

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Real Estate-Owned (REO)

This is just a fancier way of saying foreclosed homes now owned by banks and other lending institutions. Per RealtyTrac, real estate-owned properties offer buyers with little disposable income to purchase homes the opportunity to achieve homeownership. The foreclosure listing site also notes, however, it can often be difficult for interested buyers to identify the decision-maker tasked […]

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Repair and Improvement (R&I)

This refers to how much it would cost to enhance one or more aspects of a home for sale. In some cases, buyers will purchase homes knowing they’ll have to conduct repairs and improvements to certain elements of their new residence. Other times, they’ll request (or mandate) sellers take care of any issues before they finalize purchases […]

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Reconveyance

Not only do mortgage lenders expect to be paid with interest based on loans they give to borrowers, but they also have a partial ownership stake in borrowers’ residences until they pay off their loans completely. Once a loan is paid off, lenders will release borrowers from their contractual obligations with them via a reconveyance deed. […]

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Right of survivorship

The right of survivorship is employed most often when there is joint ownership or tenancy of a property. It ensures that the surviving owner automatically receives the deceased owner’s share of the property becoming the sole owner of the property.

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Right of ingress or egress

The right of egress is a person’s legal right to exit a property. The right of ingress is the right to enter a property. It is generally used in rental or easement situations in which the tenant or person to which easement has been granted needs access to a shared driveway, a private road to the property, […]

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