| |
| Return to Glossary Page |
| |
Real Estate |
The physical land and appurtenances including structures affixed thereto. |
Real Estate Investment Trust (REIT) |
An investment trust that specializes in investing in real estate related investments including mortgages, construction loans and real property in varying combinations. |
Real Property |
The interests, benefits, and rights inherent in the ownership of the physical real estate. It is the bundle of rights with which the ownership of real limitations, and does not include personal property. |
Realty |
Real Property. |
Recasting |
Any increase in loan based in part or in total on unforeseen increased costs incurred during construction. |
Receiver |
In connection with mortgage actions, an appointee of a court, requested by a mortgagee, to receive and account for the rents and profits from the mortgaged premises. |
Reconveyance |
See Discharge of Mortgage. |
Redemption |
It is the duty of a mortgagee, on being paid by the mortgagor, the principal, interest and costs due and with such payment, to hand to the mortgagor the title deeds together with an executed reconveyance of the mortgaged property. |
Registry System |
A system of land registration where all interests in land are recorded in chronological order. The registrar assumes no responsibility for the documents legal effect. |
Release of Covenant |
An agreement by a lender to terminate the personal obligation of a) a mortgagor, usually upon sale of a property to a new purchaser who is acceptable to the mortgagee and who has signed an assumption agreement or other appropriate legal document b) a guarantor whose covenant is no longer required. |
Renewal Agreement |
An agreement whereby the lender may agree to extend the loan, but possibly on revised terms as to principal repayments and interest rate. |
Rentable Area Multiple Tenancy Floors |
Generally calculated by measuring to the inside finish of permanent outside building walls, or glass line if at least 50% of the outer wall is glass, to the office side of corridors and/or other permanent partitions, and to the centre line of joint partition walls. |
Rentable Area Single Tenancy Floors |
Generally calculated by measuring to the inside finish of permanent outer building walls or from the glass line where at least 50% of the outer building wall is glass. It includes all area within outside walls less areas not used exclusively by the tenant. |
Rent Roll |
A statement listing the tenants in occupancy, the area or unit occupied by each, their lease expiry date and rent payable and other leasing details which may be required. |
Renunciation or Privilege (Quebec) |
See Lien Waiver. |
Replacement Cost |
Cost of replacing the subject property new with one having exactly the same utility. |
Replacement Reserve |
A cash reserve for the future replacement of fixed assets. |
Reproduction Cost |
The cost of reproducing a new replica property on the basis of current prices with the same or closely similar materials. |
Restrictive Covenant |
A contract between neighbouring landowners restricting the use of one of the parcels. It must be negative in nature. |
Rests |
The periodical balancing of an account made for the purpose of converting interest into principal, and charging the party liable thereon with compound interest, e.g. half-yearly. |
Return on Equity |
The percentage that the annual cash flow after debt service is of the equity in the property. |
Return on Investment |
The percentage that the annual cash flow after the debt service is of the cash investment in the property. |
Reversion |
A right to future possession retained by an owner at the time of a transfer of an owner's interest in real property. |
Right of Survivorship |
The distinguishing feature of joint tenancies and tenancies by the entirely which provide that, where land is held in undivided portions by co-owners, upon death of any joint owner, his interest in the land will pass to the surviving co-owner, rather than to his heirs or devisees. |
Right-of-Way |
The right to pass over another's land, more or less frequently, according to the nature of the easement. |
| |
| Return to Glossary Page |
Legal Information
