Career Resource Center Archive


Sales contract

Saturday, December 15th, 2007
Contract that contains the terms of the agreement between the buyer and seller for the sale of a particular parcel or parcels of real estate.


Right of survivorship

Saturday, December 15th, 2007
A feature of joint tenancy giving the surviving joint tenants the rights, title and interests of the deceased joint tenant. Right of survivorship is the basic difference between buying property as joint tenants and as tenants in common.


Right of first refusal

Saturday, December 15th, 2007
A person's right to have the first opportunity to either lease or purchase real property.


Restrictive covenants

Saturday, December 15th, 2007
Clauses placed in a deed to restrict the full use of the property by controlling how future landowners may or may not use the property; also used in leases.


Reserve account

Saturday, December 15th, 2007
An account for money collected each month by a lender to pay for property taxes and property insurance as they come due.


Report of title

Saturday, December 15th, 2007
Document required before title insurance can be issued. It states the name of the owner, a legal description of the property, and the status of taxes, liens, and anything else that might affect the marketability of the title.


Replacement cost

Saturday, December 15th, 2007
The cost at today's prices and using today's construction methods, of building an improvement having the same usefulness as the one being appraised.


Rent control

Saturday, December 15th, 2007
Government-imposed restrictions on the amount of rent a property owner can charge.


Release of mortgage

Saturday, December 15th, 2007
Certificate from the lender stating that the loan has been repaid.


Refinance

Saturday, December 15th, 2007
To pay off one loan by taking out another on the same property.


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