Qualifing Ratio: The maximum percentage of a borrower's income that a lender, or agency (FNMA, FHA, and FHLC), will allow prospective debt payments to be and still approve the loan.

Quit Claim Deed: A deed that convey's only the grantor's rights or interest in real estate, without stating the nature of the rights and with no warranties of ownership. It conveys whatever titile the seller owns but with no warrenty against the claims of others. In other words, if the seller quit-claims the property to the buyer, there is no recourse. Often used to remove a possible cloud on a title.

Rate of return: The percentage relationship between the earnings and the cost of an investment.

Ready, Willing, and Able: Capable of an action and disposed to act.

Real estate market: The potential buyers and sellers of real property at the current time, and the current transaction activity for real property. It includes markets for various propety types, such as housing market, office market, condominium market, and land market.

Real estate owned ( REO): Property acquired by a lender through foreclosure and held in inventory. Commonly referred to as REO.

Rebate: 1. A refund resulting from a purchase or tax. 2. A kickback of a charge, often illegal if done without knowledge of all parties.

Recession: A general economic slowdown. Officially declared after two consecutive quarters of recorded reduced gross domestic product. However, there is often shrinkage in the real estate industry without a recession in the general business economy.

Recording: The act of entering in a book of public records instruments affecting the title to real property. Recording in this manner gives notice to the world of facts recorded.

Recourse:The right to demand payment from a borrower, or other parties, for moneys owed.

Redemption Period: The period during which a former owner may reclaim foreclosed property.

Renewal option: The right, but not the obligation, of a tenant  to continue a lease for a specified period and rent.

Rent: A charge for the use of space.

Rent Collection Letter: This form letter is used to notify a tenant of delinquency and violation of terms and conditions of the rental agreement.

Rental/Lease Agreement: This agreement is used to establish an agreement for lease between a landlord and a tenant.

Repossession: Seizure by a lender of property that is collateral for a debt when loan payments are not made; retrieval by a lessor or landlord of rented or leased property.

Reserve price: In an aution or other bidding procedure, an established amount below which the seller is not obligated to accept a winning bid.

Residential Lease Agreement: A lease agreement between a landlord and tenant.

Residential Option to Purchase Agreement: An agreement for a tenant to purchase the property they are renting from a landlord.

Rezoning: An action to change the designation of a subject parcel or group of parcels on a zoning map. The effect of rezoning is to change the permitted uses for the affected parcels.

Rider: An amendment to a contract or agreement. Similar to an addendum.

Hope this is good stuff for you all, feel free to coment,

until next time,

Be Blessed

Patricia