Bear Island Land Co., Inc.

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Dictionary of Terms



Real Estate Settlement Procedure Act.
Real Estate
Real property, realty, land.
Real Property
Land; the surface of the earth and whatever is erected, growing upon, or affixed to the land; including that which is below it and the space above it. Synonymous with "land", "realty" and "real estate".
The term is a copyrighted trade name which can be used only by those persons belonging to the National Association of Realtors.
Real property, land, real estate.
A court appointed custodian who holds property for the Court, pending final disposition of the matter before the Court.
the cancellation of a contract With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security.
The act of writing or entering an instrument in a book of public record, usually in the office of county clerk and recorder. Such recording constitutes notice to all persons of the rights of claims contained in the instrument. This type of notice is called "constructive notice or "legal notice".
Recording Fees
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
the right of an owner to redeem or reclaim the real estate by paying the debt or charge (such as mortgage or tax lien) after default, together with interest and costs. More correctly, equity of redemption refers to the right to redeem the propertyafterdefault but before foreclosure. The statutory right of redemption refers to the right to redeem the property after foreclosure, or other enforcement action, during a certain period of time specified by statue.; For example, in Colorado, the mortgagor has the statutory right to redeem his property any time within six months for agricultural property (75 days of platted residential dwellings) after a mortgage foreclosure or three years after a sale for delinquent property taxes.
The relinquishment or surrender of a right, claim or interest.
Release of Lien;
the discharge or release of specific property from the charge or lien of a judgment, mortgage or other claim.
Restrictive Covenant
A clause in a deed limiting the use to which the property may be put.
Reverse Annuity Mortgage (RAM)
A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as security.
Right of Survivorship
A characteristic of a joint tenancy; upon the death of one of the tenants, his rights in the property pass automatically to the surviving tenant or tenants.
Right of Way
An easement or right of passage over another's land; the strip of land used as roadbed or used for a public purpose by other public utilities.




Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.