Las Vegas Real Estate Glossary R
(Refinance Transaction - Right of Survivorship)
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The process of paying off one loan with the proceeds from a new loan
using the same property as security.
A mortgage created to cover the costs of repairing, improving, and sometimes
acquiring an existing property.
The amount of principal that has not yet been repaid. See principal
The original amortization term minus the number of payments that have
Rent Loss Insurance
Insurance that protects a landlord against loss of rent or rental value
due to fire or other casualty that renders the leased premises unavailable
for use and as a result of which the tenant is excused from paying rent.
Rent with Option to Buy
See lease-purchase mortgage loan.
An arrangement made to repay delinquent installments or advances. Lenders'
formal repayment plans are called "relief provisions."
A credit arrangement, such as a credit card, that allows a customer
to borrow against a preapproved line of credit when purchasing goods
and services. The borrower is billed for the amount that is actually
borrowed plus any interest due.
Right of First Refusal
A provision in an agreement that requires the owner of a property to
give another party the first opportunity to purchase or lease the property
before he or she offers it for sale or lease to others.
Right of Ingress or Egress
The right to enter or leave designated premises.
Right of Survivorship
In joint tenancy, the right of survivors to acquire the interest of
a deceased joint tenant.