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The real estate industry has its own unique language and, without some knowledge
of this language, you may find yourself a bit confused if you become involved in
a real estate transaction. With this in mind, the experts at Monroe Title Insurance
Corporation have compiled the following glossary of terms commonly used in the Real
Estate industry.
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N O
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R |
Real Estate - Also called "real property." (1) Land and
anything permanently affixed to the land, such as building, fences and those
things attached to the buildings, such as light fixtures, plumbing and heating
fixtures, or other such items that would be personal property if not attached.
(2) May refer to rights in real property as well as the property itself.
Recording - The noting in a public office of the details of a legal document
- such as a deed or mortgage - affecting the title to real estate. When such
an instrument is properly recorded, it is considered to be a matter of public
record. Legally, that means that all subsequent purchasers are deemed to have
constructive knowledge of that information.
Reinsurance - A contractual relationship between two insurance companies
under which one insurer assumes a portion of the risk of the insurance policy
written by the other.
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 effecting a release.
Restrictions - Limitations on the use of property imposed or created by
deeds or other documents in the chain of title. A restriction, for example,
may prohibit the placement of trailer or the construction of a commercial structure
on the property.
Riparian Rights- The rights of owners of lands bordering watercourses
which relate to the water and its use.
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NOTE: The following terms are defined only in their real
estate or title insurance contexts and may have completely different meanings in
other contexts. For more precise definitions, you are advised to seek legal counsel.
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