Property Legal Terms (R)

rai

Equivalent to 1,600 square meters (4 ngan)

ra-ka-pra-mern-raj-ja-karn

Official assessed value

rate lock

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.

rate of return

The annual percentage return from an investment

raw land

Term for land that does not have facilities or services such as water, traffic, electricity, communication infrastructure or gas. Virgin land

real estate

Of or relating to land and property

real estate agent

A person licensed to negotiate and transact the sale of real estate.

real estate broker

A person who brings buyers and sellers or lessors and lessees or tenants and landlords together and receives a percentage of the deal value as compensation

real estate license

A license issued by a competent authority for carrying on the business of a real estate broker developer.

real property (also called Immovable Property)

Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Any property that which cannot be moved from one place to another.

realtor

A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.

revision of a contract

The abrogation of facts in a deed or agreement

recital

Explanation of facts in a deed or agreement

reconveyance

The transfers of title to a mortgaged property from a trustee to equitable owner after all sums due plus interest have been repaid

rectification of boundaries

The correction or adjustment of the line(s) separating two properties in order to correctly reflect the title of lands.

recorder

The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."

recording

The noting in the registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.

reddendum

Legal term for for an owner retaining some rights in a sale or lease deed

redevelopment

The improvement of land in terms of an urban development

re-entry

The right to retake possession of a property that has been given to another party by way of mortgage, lease, rental, etc. Legal action is often necessary to enforce the right

refinance transaction

The process of paying off one loan with the proceeds from a new loan using the same property as security.

refurbishment

The act of renovating or upgrading an existing property either internally or externally.

REIT (real estate investment trust)

A REIT is a corporation or trust that uses the pooled capital of many investors to purchase and manage real estate assets and/or mortgage loans. REITs are traded on major stock exchanges like normal stocks. They are often also granted special tax considerations. Key benefits of REITs are their inherent liquidity and their instant pricing. REITs enable investment in all major asset types including shopping centers and other commercial or industrial properties

remaining balance

The amount of principal that has not yet been repaid. See principal balance.

remaining term

The original amortization term minus the number of payments that have been applied.

remodelling

The improvement of structure by changing its plans or functions

rendering

The drawing of a plan or sketch of a building

renegotiation

The act of trying to impose on an existing agreement. Some agreements specifically allow the renegotiation of certain terms like rents or rate of interest after given intervals.

renewal

An agreement to continue an existing contract on similar or slightly modified terms at the end of the previous term.

renewal option

A clause in an agreement that gives either or both parties the right but not the obligation.

renewal term

Upon the conclusion of the initial term as mentioned in the agreement, the lessee at its option may renew the agreement for the additional period (usually three to five years) which is described in the agreement as the renewal term

renovation

Same as reconditioning

rent free period

Period during which the landlord does not charge rents from the lessee. This is usually at the beginning of the contract period when the lessee needs time to furnish property to make it fit for use.

rent loss insurance

Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.

rent review

A provision in a lease whereby the amount of the rent is to be reconsidered at stated intervals, e.g. every three or five years, or on specified dates. The method and procedure for reviewing the rent are outlined in the lease. Failing agreement between the parties there is normally provision for reference to a third party, i.e., an arbitrator or independent expert.

rentable area

The are in square feet or square meters that a landlord can charge rent for.

rental

A periodic payment for the use of land or property made by a tenant to a landlord under a lease or tenancy agreement. Rent is therefore both a charge on occupation and also a return to owners of property.

rental agent

A real estate broker who helps a landlord to find a tenant, in return for a consideration, usually a percentage of the annual or monthly rent.

rental agreement

An agreement between a landlord and a tenant setting forth the terms of the lease

rental commencement

Refers to a date when the lessee's obligation to pay rent commences.

rental review

At the end of the initial term of the agreement, the rental review comes into place based on the then market conditions. Rental reviews is usually pre-determined and the increase is capped at the time of execution of the initial term of the agreement.

rental value

The market rent of a property.

repairs

The replacement of broken or damaged portion of a property.

replacement

The substitution of a broken or damaged portion of a property with a similar item.

replacement cost

The cost of a similar or identical property

replacement value

The cost of replacing damage items with new items. It will often be greater than the value of the original items before damage accrued. In the case of valuable antiques, replacement may be impracticable regardless of cost.

repayment plan

An arrangement made to repay delinquent installments or advances.

replacement reserve fund

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.

rescind

to cancel a contract

reservation

a right that has been retained by an original owner of land. Also refers to land that has been aside by the government for a particular purpose or group of people.

reserve

The setting aside of funds

reservoir

A designed area where water is stored

residence

Dwelling place

residential building

A building in which people live.

resort hotel

A full service lodging establishment located in a place frequented by people for relaxation or recreation.

resort property

Property that people visit on vacations or weekends for fun and relaxation.

restoration

The carrying out of repairs to a building in order to make it appear as it did originally

retaining wall

Wall that restrains water or soil from flowing into an inappropriate area

retention

An agreed sum held from the contractors payments until completion in case of non performance of the contractor

retrofitting

The extensive renovation to a building often involving major changes to its layout, services and structures, to enhance its functionality and update or improve its appeal and marketability with a view to achieve better investment returns and capital appreciation

revaluation

Same as reassessment

revolving debt

A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.

rights in land

ownership and also includes possessor rights.

right of first refusal

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

right of ingress or egress

The right to enter or leave designated premises.

right of survivorship

In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

right of way

the right to pass over land not legally ot specifically belonging to the user.

rise

The height of slope

root of title

Document that establishes beyond dispute the title of an unregistered land. It traces the title to the property back in time, sometimes up to hundred years or more, and from that point to the present, leaving no scope for any dispute over the right and title of the current owner

row houses

Residential houses within a housing estate having two or three floors, constructed next to each other, having common walls, foundations and facilities. Also referred to as "terraced houses" in Singapore and Malaysia

rural

Of or relating to the countryside, as opposed to cities.