Page 49 - Homeowners Manual - San Luis Obispo County

Privacy Rule: The GRAMM-LEACH-BLILEY ACT requires Reinsurance: To insure again by transferring to another
financial institutions (which includes title insurance insurance company all or part of an assumed liability, thus
companies) to give notice to all of their “clients” about spreading the loss risk any one company has to carry.
their privacy practices. The Privacy Policy is a “clear and
conspicuous” written notice describing their privacy Reverse or Reverse Annuity Mortgage: A mortgage for
policies and practices. which the borrower pledges home equity in return for
regular (monthly) payments, rather than a lump sum
Prorate: To allocate between seller and buyer their distribution of loan proceeds. Repayment is usually not
proportionate share of an obligation paid or due. For required until the home is sold or the borrower’s estate
example, a proration of real property taxes or fire is settled, provided the borrower continues to live in the
insurance premiums. home and keeps current all taxes and insurance. Also see
“Home Equity Conversion Mortgage.”
Q
Right of Way: The right which one has to pass across the
Quiet Title: An action in a proper court to remove record land of another. An easement.
defects or possible claims of other parties named in the
action. Riparian: Rights to use of waterways in adjoining lakes or
rivers.
R S

Range: A part of the government survey, being a strip of
land six miles in width, and numbered east or west of the Second Mortgage: A second loan on real estate that already
principal meridian. has a mortgage. It is subordinate to the first mortgage.
Real Property: Land, together with fixtures, improvements Section or Section of Land: A parcel of land comprising
and appurtenances. approximately one square mile or 640 acres.
REALTOR : A federally registered collective membership Set Back Lines: Those lines which delineate the required
®
mark which identifies a real estate professional who is a distances for the location of structures in relation to the
member of the National Association of REALTORS and perimeter of the property.
®
subscribes to its strict Code of Ethics. Sub-Surface Right: The right of ownership to things lying
Realty: A brief term for real property. beneath the physical surface of the property.

Redeem: Literally “to buy back.” The act of buying back land Survey: The process of measuring land to determine its
after a mortgage foreclosure, tax foreclosure, or other size, location and physical description, and the resulting
execution sale. drawing or map.

Redisclosure: For transactions covered under the TILA- T
RESPA Integrated Disclosure (TRID) Rule and under very
specific circumstances, the Loan Estimate and/or the Tax Lien: A lien for real property taxes. Attaches only to
Closing Disclosure may be revised and delivered to the the property upon which the taxes are due in most
consumer. jurisdictions. It may be foreclosed for nonpayment.
Registered Land: See “Torrens Title.” Tenancy by the Entirety: Ownership by married persons.
Each owns the entire estate, with the survivor taking the
whole upon the other’s death.

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