Rental Property Definitions and Landlord Terms – Q R – Accurate Credit Bureau

Q No Q terms.

R

Real Property
Land and any improvements permanently affixed to it, such as buildings.

Reconveyance
The transfer of property back to the owner when a mortgage loan is fully repaid.

Recording
The act of entering documents concerning title to a property into the public records.

Recording Fee
Money paid to an agent for entering the sale of a property into the public records.

Refinancing
The process of paying off one loan with the proceeds from a new loan secured by the same property.

RESPA
Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application.

Relief from forfeiture
An order by a court in an unlawful detainer (eviction) lawsuit that allows the losing tenant to remain in the rental unit, based on the tenant’s convincing the court that the eviction would cause the tenant severe hardship and that the tenant can pay all of the rent that is due, or to otherwise fully comply with the lease.
Rent control ordinances
Laws in some communities that limit or prohibit rent increases, or that limit the circumstances in which a tenant can be evicted.

Rent withholding
The tenant’s remedy of not paying some or all of the rent if the landlord does not fix defects that make the rental unit uninhabitable within a reasonable time after the landlord receives notice of the defects from the tenant. (More often than not, this is a lease violation as the rental unit is not always uninhabitable.)

Rental agreement
An oral or written agreement between a tenant and a landlord, made before the tenant moves in, which establishes the terms of the tenancy, such as the amount of the rent and when it is due. See lease and periodic rental agreement. See The Accurate Credit Bureau Rental agreement and The Accurate Credit Bureau Lease for maximum landlord protection.

Rental application form
A form that a landlord may ask a tenant to fill out prior to renting that requests information about the tenant, such as the tenant’s address, telephone number, employment history, credit references, and the like. See The Accurate Credit Bureau Rental Application for maximum landlord protection.

Rental period or rent period

The length of time between rental payments; for example, a week or a month.

Rental unit
An apartment, house, duplex, or condominium that a landlord rents to a tenant to live in.

Renter’s insurance
Insurance protecting the tenant against property losses, such as losses from theft or fire. This insurance usually also protects the tenant against liability (legal responsibility) for claims or lawsuits filed by the landlord or by others alleging that the tenant negligently injured another person or property.

Repair and deduct remedy
The tenant’s remedy of deducting from future rent the amount necessary to repair defects covered by the implied warranty of habitability. The amount deducted cannot be more than one month’s rent. (When the implied warranty of habitability is misinterpreted, this is often construed as “withholding of rent, a lease violation in many cases.)

Retaliatory eviction or action
An act by a landlord, such as raising a tenant’s rent, seeking to evict a tenant, or otherwise punishing a tenant because the tenant has used the repair and deduct remedy or the rent withholding remedy, or has asserted other tenant rights.

Right to Rescission
Under the provisions of the Truth-in-Lending Act, the borrower’s right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.

For Tenant Screening free Rental Applications and Rental Agreements see Accurate Credit Bureau.

Advertisements
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: