Ratification

The adoption or approval of an act performed on behalf of a person without previous authorization.

Real Estate Investment Trust

A special arrangement under Federal and State law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes; requires one hundred persons or more.

Realtor

A real estate broker holding active membership in a real estate board affiliated with the National Association of Realtors.

Reconveyance

The transfer of the title of land from one person to the immediately preceding owner. This instrument is commonly used in California when the performance or debt is satisfied under a deed of trust and the trustee conveys the title he has held back to the owner.

Redemption

The buying back of one's property after it has been lost through foreclosure.   Payment of delinquent taxes after sale to the State.

Rescission of Contract

The annulling, revocation or repealing of a contract by mutual consent of the parties to the contract or for cause by either party to the contract.

Restriction

The term, as used in relation to real property, means that the owner of real property is restricted or prohibited from doing certain things relating to the property or using the property for certain purposes.

Reversion

The right to future possession or enjoyment by the person or his heirs, creating the preceding estate.

Reversionary Interest

A type of interest a person may have in lands or other property upon the termination of the preceding estate.