REAL ESTATELand, buildings, and other fixed improvements. It also includes items that are not moveable.
REAL ESTATE BOARDNon-profit organization representing local real estate brokers/ agents, salespeople, which provides services to its members and maintains and operates a MLS system in a community.
REALTORA real estate broker holding active membership in a local real estate board.
REDEMPTIONThe buying back of a mortgage estate by payment of the sum due on the mortgage.
REDEMPTION PERIODA period of time allowed by law during which a mortgagor may redeem his property by paying off the entire debt in arrears.
REFINANCETo pay off (discharge) a mortgage and other registered encumbrances and arrange a new mortgage.
REGISTRATION AND DISCHARGE DATESDates of registration by number and date in the local Registry Office and/or Land Titles, then given to the mortgagee. When the loan has been paid in full at or after maturity date, then the mortgagee executes the "discharge" or cessation of charge and registers same to liquidate the mortgage and allow the mortgagor to redeem the mortgage.
RELEASE OF COVENANTA release given to the mortgagor of a property that has been sold to a new purchaser who is acceptable to the mortgagee. This release is usually given after the new mortgagor has signed an assumption agreement.
RENTAL HOLD BACK STANDBY LOANA hold back is an amount withheld from the borrower under permanent financing until a certain occupancy rate is achieved. As this deprives the construction lender of full takeout protection, the developer may obtain a standby loan commitment to supplement the hold back.
RENEWAL AGREEMENTAn agreement whereby the lender may agree to extend the loan, but possibly on revised terms as to principal repayments and interest rate.
RENTAL REQUIREMENTSThis is the "ceiling" portion of a permanent loan commitment that is advanced upon reaching a minimum rental or occupancy rate.
RENTAL VALUEThe monetary amount reasonably expectable for the right to the agreed use of real estate. It may be expressed as an amount per month or other period of time, or per room, per frontal foot, or other unit of property.
RENT CONTRACTRental received by the real estate owner under any lease contract.
RENT ECONOMICIs the income that real estate can command in the open market at any given time for its highest and best use.
REPRODUCTION COSTThe cost of reproducing a new replica property on the basis of current prices with the same or closely similar materials.
RESTRICTIONA limitation placed upon the use of property contained in the deed or other written instrument in the chain of title.
RESTSThe periodical balancing of an account made for the purpose of converting interest into principal, and charging the party liable thereon with compound interest.
RETURN ON INVESTMENT(a) Free and clear return is calculated as the percentage of net operating income to total investment in the property (b) Cash flow return is the ratio of cash flow to equity investment (also know as return on equity and cash-on-cash return) (c) Total return is cash flow including loan amortization as a percentage of the total invested.
REVERSIONThe right to repossess and resume the full and sole use and proprietorship of real property which temporarily has been alienated by lease, easement or otherwise. According to the terms of the controlling instrument, the reversionary right becomes effective at a stated time or under certain conditions such as the termination of a leasehold, abandonment of a right-of-way, or at the end of the stimulated economic life of the improvements. The present or discounted value ofsomething to be collected at some future date.
RIGHTThe interest one has in a piece of property. A claim or title enforceable by law.
RIGHT OF SURVIVORSHIPThe distinguishing feature of joint tenancies which provides that, where land is held in undivided portions by co-owners, upon the death of any joint owner, his/her interest in the land will pass to the surviving co-owner, rather than his/her estate.
RIGHT OF WAYThe right to pass over another’s land, more or less frequently, according to the nature of an easement.
RIPARIAN RIGHTSThe rights of the owners of land on the banks of watercourses, to take advantageous use of the water on, under, or adjacent to his/her land, including the right to acquire wharf slips, and fish there from.
RUNNING WITH THE LANDA covenant is said to run with the land when it extends beyond the original parties to the agreement and binds all subsequent owners to either liability to perform it or the right to take advantage of it.
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