RANGE:
As used in descriptions, a column of townships
running parallel with a principal meridian.
RATE:
This term, when used in the title industry, usually
refers to the rate for title insurance. In this
sense it means the cost per dollar unit of title
insurance. For example, the rate for ten thousand
dollar title insurance policy is (so many) dollars.
RATE
SCHEDULE:
The respective costs of dollar units of title
insurance listed on an ascending scale.
REAL
ESTATE:
Land, including all inherent natural attributes
and any man-made improvements of a permanent nature
placed thereon.
REALTOR:
A copyrighted trade name which can be legally
used only by those persons belonging to the national
association of real estate boards.
REALTY:
Another name for real estate.
RECORD
TITLE:
The aspects of a title which appear in the public
records as distinguished from unrecorded title
aspects and interests.
RECORDING:
The act of a recorder receiving and transcribing
in a book or on a film of the public records,
instruments affecting the title to real estate.
RECORDS:
(See "Public Records.")
REDEMPTION:
A buyback or the ability to buy back. (See "Equity
of Redemption.")
REFORMATION
ACTION:
Court action to correct a mistake in a deed or
other document.
REINSTATEMENT:
Cure of a default by a borrower and restoration
of the loan to current status through payment
of past-due amounts.
REINSURANCE:
Insurance insuring an insurer. When an insurance
company has issued a policy and does not want
to be fully exposed to loss for the full amount
of the policy, the company may purchase reinsurance
from another insurance company to insure the first
company against a part or all of the loss which
the first company may have to pay under its policy.
REINSURER:
An insurance company that agrees to sell insurance
to a ceder and thereby assumes a portion of the
ceder's liability in the event a loss occurs.
(See Ceder.)
RELEASE:
(1) To relieve from debt or security or abandon
a right, such as the release of a mortgage lien
from a part or all of the land mortgaged. (2)
The instrument affecting a release.
RELEASE
OF DOWER:
(1) The deed or other instrument by which a wife
releases her inchoate dower rights in land. (2)
The act of releasing dower.
RELEASE
OF LIEN:
(1) The instrument by which a lien is released
from the real estate which it encumbers. (2) The
act of releasing a lien.
REMAINDER:
An estate or interest in land which comes into
being upon the termination of an existing estate
or interest. When a grantor conveys a life estate
to "a" with remainder to "b,"
it means that "a" has a part of the
absolute title and "b" has the remainder.
Also, that "a" will own the property
during his natural life, but at his death, instead
of the property going to "a's" heirs
or devisees, it goes to "b."
REMAINDERMAN:
The person who owns an estate in remainder.
REMISE:
To discharge or release.
RENT:
The consideration paid for the use of property.
RESCISSION:
(1) Court action brought to cancel or annul the
effect of executing a contract or other document.
(2) The act of canceling or annulling the effect
of a document.
RESERVATION:
A right or interest retained by a grantor in conveying
property.
RESIDUARY
CLAUSE:
The "catch all" or omnibus clause of
a will directing distribution of any property
not specifically bequeathed or devised.
RESIDUE:
That part of a decedent's estate remaining after
payment of debts and taxes and distribution of
specific bequests and devises.
RESTRICTIONS:
Often called restrictive covenants. Provisions
in a deed or other instrument whereby an owner
of land prohibits or restricts certain use, occupation,
and improvement of the land.
RESTRICTIVE
COVENANTS:
(See "Restrictions.")
REVERSION:
(1) The return of an estate or interest to a grantor
or lessor after the grant or lease has expired.
(2) The interest retained by a fee simple owner
of real estate after granting a terminable estate
or interest in such property to another. For example,
when a fee simple owner gives a lease to a tenant,
the interest which the owner has left is known
as the reversion. (3) A provision accompanying
restrictive covenants in a deed, which provision
stipulates that in the event the restrictions
are violated, title to the property shall revert
to the grantor.
REVERTER
CLAUSE:
(See "Reversion" (3).)
RIDER:
Addition, amendment or endorsement to a document,
e.g., An insurance contract.
RIGHT:
A power, privilege, prerogative, estate, or interest
incident to real estate.
RIGHT
OF WAY:
(1) The right to pass over property owned by another,
usually based upon an easement. (2) A path or
thoroughfare over which passage is made. (3) A
strip of land over which facilities such as highways,
railroads, or power lines are built.
RIPARIAN
OWNER:
One who owns the upland bordering on a stream
or other body of water.
RIPARIAN
RIGHTS:
The many rights of a person in, to and over the
banks, bed, shallows, shore and water of a stream
or body of water upon which his land borders.
RISK:
Exposure to loss. A title insurance company assumes
the risk incident to a possible title loss when
it insures the owner of the title.
