Glossary R

REALTOR
A member of the National Association of Realtors.

REISSUE RATE
A discounted rate for title insurance when the title was previously insured with an owner’s title insurance policy issued within the last ten years.

RECISION
The cancellation of a contract. With respect to mortgage refinancing, the law that gives the home owner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security.

RECORDING FEES
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.

REFINANCE
Obtaining a new mortgage loan on a property already owned, often to replace existing loans on the property.

REMAINDER
An interest in land that is postponed until the termination of some other interest such as a LIFE ESTATE.
compare FEE SIMPLE

REPRICING
Also known as conversion, this happens when you change from your existing loan package to a more attractive loan package that is offered by the same financial institution.

RESALE
The sale of a unit by a developer or subsequent purchaser after the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

RESIDENTIAL PROPERTY
Any house, building or other premises or any part thereof which is permitted to be used pursuant to the Planning Act (Cap. 232) or any other written law as a dwelling-house or which is lawfully so used; and any land zoned in the Master Plan for solely residential purposes or for mixed purposes, one of which shall be residential.

RESPA
Short for the Real Estate Settlement Procedures Act. RESPA is a federal law that allows consumers to review information on known or estimated settlement costs once after application and once prior to or at a settlement. The law requires lenders to furnish the information after application only.

REST OF CENTRAL REGION (RCR)
It comprises of 9 Planning Areas :Outram, Museum, Newton,River Valley, Singapore River, Marina South,Marina East, Straits View and Rochor. It excludes the Orchard and Downtown Core Planning Areas.

REVERSION
A provision in a conveyance that the land will return to the grantor upon the happening of an event or contingency. compare FEE SIMPLE

REVERSE MORTGAGE
These loans are for retired people who own their own home but have little cash to live on. Such a loan allows the “cash poor, asset rich” to borrow against the value of their home and access the value in it without having to sell it. No repayments are required during the loan term with the total interest, fees and charges being taken out of the estate on the borrower’s death.

RIPARIAN RIGHTS
The rights of an owner of land adjacent to water.
[Back to Top]