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Ma Real Estate R-2

Terms & Definitions R-2

TermDefinition
Rent The fixed, periodic payment by the leasee to the lessor for the use of the leased property.
Replacement Cost The cost at current prices to replace a structure with the same materials. Often used as the same as reproduction cost, which require similar design and materials but not the same.
Reproduction Cost Same as replacement cost but for a similar, not an exact duplication of a structure.
Residual That which is left over. In foreclosure, those monies in excess of outstanding debt and other costs.
Restrictive Covenant A private restriction in a deed that limits future use and rights. Not tied to zoning. EXAMPLE: Lot size, type of architecture; runs with the land.
Reverse Annuity Mortgage (R A M) Mortgage structured to reverse the standard payment, to allow the bank to pay the borrower a fixed amount each month. Designed primarily for the elderly.
Reversionary Estate The estate left with the grantor, when the estate being transferred is less than the estate previously received.
Reversionary Rights The rights remaining with the grantor, when less than fee simple is transferred to a grantee. EXAMPLE: Life estate.
Right of First Refusal Right to have the first chance to purchase or lease a piece of property. May or may not specify additional terms such as price.
Right of Possession The right of the leasee to occupy the leased property.
Right of Recission The right of a borrower to cancel a financing agreement within 3 days, after receiving a disclosure statement from the lender.
Right of Survivorship The right in Joint Tenancy, and Tenancy by the Entirety, for title to pass to the surviving joint tenant(s) upon the death of one of the owners.
Right-of-Way The right one to pass over the property of another (a form of easement).
Riparian Rights The rights associated with property, that abuts a flowing body of water, such as a river or stream. Similar rights associated with the ocean, lake, or other standing body of water are called the Littoral Rights.
Rules and Regulations When associated with condominiums, it refers to some guidelines of daily activities, that help in harmonious condominium living. EXAMPLE: Parking regulations and fines, use of tennis courts, swimming pools, or other common areas, use of for sale signs, use of Habachis on desks. Usually not recorded at the Registry of Deeds.
Created by: medct