Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Real Estate Settlement Procedures Act
A federal law that requires lenders to provide home buyers with information about known or estimated settlement costs. 12 USCA ยงยง 2601-2617. - Abbr. RESPA. See REGULATION X.
real estate
See real property under PROPERTY.
real estate owned
Property acquired by a lender, usu. through foreclosure, in satisfaction of a debt. - Abbr. REO.
recognition clause. Real estate
A clause providing that, when a tract of land has been subdivided for development, the ultimate buyers of individual lots are protected if the developer defaults on the mortgage. ( Such a clause is typically found in a blanket mortgage or a contract for deed.