Definition
Reserves
Liquid assets remaining after closing, expressed in months of housing payments. Required by many programmes.
Nearby terms
Reconveyance
The instrument recorded when a deed of trust is satisfied, releasing the lien and returning clear title to the owner.
Recording
Entering a document into the public land records, which establishes priority among competing claims.
RESPA
The Real Estate Settlement Procedures Act, governing settlement practices and prohibiting kickbacks for referrals of settlement services.
Right of Rescission
A three-business-day window to cancel a refinance on a primary residence after signing.
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