BuyNewBuyNow™ wants you to know all the facts about new home ownership to help you make an educated decision when it comes time to make the biggest purchase of you life. We are here to help you make your home more than just a house. Buy new and buy now. It's the smart thing to do for people looking for equity, appreciation and money saving tax deductions. While some naysayers point to a softening of the new home market, the reality is that there has never been a better time to buy a new home.

Learn more about why a new home is right for you, and about the home buying process.

• It's a Great Time To Buy New
  
  
• New Home F.A.Q.
  
  
• Term Glossary

Rate Cap
The limit on the amount the interest rate can be increased at each adjustment period in an adjustable rate loan. The cap may also set the maximum interest rate that can be charged during the life of the loan.

Rate of Interest
(See Interest Rate)

Realized Capital Gain
When a property is sold, a capital gain or loss is realized. (See Capital Gains)

Recognized Capital Gains
The recognized capital gain from the sale of an asset subject to income taxes. (See Capital Gains)

Reconciliation
1. The final step in an appraisal process, in which the appraiser reconciles the estimates of value received from the direct sales comparison, cost, and income approaches to arrive at a final estimate of market value for the subject property. 2. The balancing of entries in a double-entry accounting system.

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.

Regulation Z
Implements the Truth-in-Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit. (See Truth in Lending Act)

Release Deed
A document, also known as a deed of reconveyance, that transfers all rights given a trustee under a deed of trust loan back to the grantor after the loan has been fully repaid.

Release of Liability
The release of an old borrower from further responsibility for repayment of an assumed loan.

Rescind
To annul, cancel.

Rescission
The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo. Contracts may be rescinded due to mistake, fraud or misrepresentation and, there is no need to show any money damage.

RESPA (HUD-1)
Real Estate Settlement Procedures Act. A Federal law requiring lenders to provide home mortgage borrowers with information on known or estimated settlement costs. It also establishes guidelines for escrow account balances and serving disclosure.

Retainer
Retainer is a professional relationship between an advisor and a client in which a client engages the services of a professional through payment of a fee. The professional's obligation is to provide advice or services as needed by the client.

Reverse-Annuity Mortgage (RAM)
A loan under which the homeowner receives monthly payments based on his or her accumulated equity rather than a lump sum. The loan must be repaid at a prearranged date or upon the death of the owner or the sale of the property.