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REAL
PROPERTY (immovable):
Land, from the center of the earth and extending above the
surface indefinitely, including all inherent natural attributes
and any man-made improvements of a permanent nature place
thereon. For example: minerals, trees, buildings, appurtenant
rights.
RECONVEYANCE:
An instrument used to transfer title from a trustee to the
equitable owner of real estate, when title is held as collateral
security for a debt. Most commonly used upon payment in
full of a trust deed. Also called a deed of reconveyance
or release.
RECORDING:
Filing documents affecting real property as a matter of
public record, giving notice to future purchasers, creditors,
or other interested parties. Recording is controlled by
statute and usually requires the witnessing and notarizing
of an instrument to be recorded.
REINSURANCE:
A contract which one insurer makes with another to protect
the first insurer, wholly or partially, against loss or
liability by reason of a risk under a separate and distinct
contract as insurer of a third party. Reinsurance differs
from coinsurance in that, in the case of reinsurance, only
one insurer has a direct contractual relationship with the
insured, and that insurer (commonly referred to as the "lead
insurer") purchases reinsurance in order to lessen
or spread the risk. The "lead insurer" will assume
a risk up to a limit (the amount of which is referred to
as the "retention") and any loss which exceeds
this limit would be borne by the reinsurers.
In the case of coinsurance, each coinsurer has a direct
contractual relationship with the insured, and the risk
is shared in agreed-upon proportions from the first dollar
of loss.
RESTRICTIONS:
Often called restrictive covenants. Provisions in a deed
or other instrument whereby an owner of land prohibits or
restricts certain use, occupation or improvement of the
land.
RIGHT
OF WAY:
(1)The right to pass over property owned by another, usually
based upon an easement. (2) A path or thoroughfare over
which passage is made. (3) A strip of land over which facilities
such as highways, railroads or power lines are built.
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