A reserve fund is a fund held to cover future possible maintenance, repairs, or unexpected expenses of business operations or a multi-unit housing development (often condominiums or a housing cooperative). The fund is often very liquid, and...
property & real estate law
residence
A residence is the place where a person lives or resides, which may be different from one’s domicile. It can be a house, apartment, or any other dwelling where someone makes their home.
Residence also refers to the act of...
residuary beneficiary
A residuary beneficiary is a person who receives any property from a will or trust that is not specifically left to another designated beneficiary. The property received by the residuary beneficiary from a will is referred to as the residuary...
restraint on alienation
Restraint on alienation is a restriction in a deed or will conveying real property on future conveyance of that real property. Restraints on alienation may be indefinite or extend for a fixed amount of time. However, restraints on alienation...
restriction
A restriction is any limitation on activity, by statute, regulation, contract provision, or in a conveyance. Individuals or persons seeking restrictions may be limited in what they can restrict, however. For example, a legislature cannot pass...
restrictive covenant
A restrictive covenant is a provision in a real property conveyance that limits the grantee’s use of the property. The beneficiaries of a restrictive covenant obtain rights from such covenants, and this may be the parties who agreed to the...
reverse mortgage
A reverse mortgage allows homeowners, usually those 62 or older, to borrow money using their home as security for the loan. The title for the home remains in the name of the person taking out the reverse mortgage. The reverse mortgage is...
reversion
A concept in property law, reversion is a future interest in land. A future interest in land is what the future rights holder possesses in real property. When the present rights holder ceases to hold control over the property, the future...
reverter
See reversion.
[Last updated in April of 2021 by the Wex Definitions Team]
revocation of wills by instrument
Revocation of a will by instrument refers to the process by which a person may make a will invalid by the valid execution of a new will or other document that contains a clause that expressly revokes the former will. Revocation by instrument...