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Real Estate is the physical land and structures affixed on it.

Real Estate Act is an amalgamation of the Mortgage Broker's Regulation Act and Real Estate Licensing Act in Alberta. It is administered by the Real Estate Council of Alberta (RECA).

Real Estate Automated Valuation System (REAVS) is a system that provides an estimation of the value of residential property based on sales data and the nature of the property in relation to its neighbourhood.

Real Estate Investment Trust (REIT) is an investment trust that specializes in investing in real estate related investments, including mortgages, construction loans and real property in varying combinations.

Real Property is often called "property", "real estate" or "land". Real property is defined as the interests, benefits, and rights inherent in the ownership of physical real estate. It does not include personal property. In civil law, real property is referred to as immovalble property.

Reassessment is the process of creating a new base for property taxation by updating assessments to reflect more current values.

Receipt is a document acknowledging the completion of the repayment agreement under the terms of the contract and the release of the lender's interest in the property.

Receiver (Mortgages) is an appointee of a court, requested by a lender when the borrower is in default, to receive and account for the rents and profits from mortgaged premises.

Redemption is the duty of a lender, on being paid the principal, interest and costs due by the borrower, to hand to the borrower the title deeds together with an executed reconveyance of the mortgage property.

Registry System is system of land registration in which all interests in land are recorded in chronological order. The registrar assumes no responsibility for the legal effect of the document.

Release of Covenant is an agreement by lender to terminate the personal obligation of a borrower,
  1. usually upon sale of property to a new purchaser who is acceptable to the lender and who has signed an assumption agreement or other appropriate legal documents.
  2. releasing a guarantor whose covenant is no longer required.

Renewal Agreement is an agreement through which the lender may agree to extend the mortgage loan, possibly on revised terms as to principal repayments and interest rate.

Rent is periodic payment made by the lessee or tenants to the lessor or landlord in exchange for the use of their property.

Rent Roll is a statement listing the tenants in occupancy, the area or unit occupied by each, their lease expiry dates and rent payable as well as other leasing details that may be required.

Replacement Cost (Real Estate) is the cost of replacing a subject property with one having exactly the same utility.

Replacement Reserve is a cash reserve for the future replacement of fixed assets.

Reputational Costs (Fraud) are costs associated with potential damage to the reputations of the mortgage professional, lending organization, and mortgage industry. 

Rescission is the act or rescinding, the cancellation of the contract and the return of the parties to the state in which they would be if the contract had not been made.

Restrictive Covenant is a contract between neighbouring landowners restricting fthe use of the properties. It must be negative in nature.

Return on Equity is a measure of how much income is generated by each dollar of equity, calculated by dividing net income after taxes by the owners' equity.

Revenue of Sales (Income Statement) are earnings from day-to-day operations fo the business.

Reverse Mortgage is a mortgage which allows older consumers to convert their home equity into monthly cash payment(s), generally for living expenses. A homeowner's equity is gradually drawn down by a series of monthly payments from the lender to the homeowner - the borrower. At the end of the loan period, or upon the death of the borrower, the loan balance is due, which is usually settled by the heirs who sell the property to meet the outstanding obligation.

Reversion is a right to future possession retained by an owner at the time of the transfer of his or her interest in real property.

Right of Survivorship (Real Estate) comes into effect when land is held in undivided portions by co-owners and one of them dies. In this instance, the deceased's interest in the land passes to the surviving co-owner, rather than to the deceased's heirs.

Right-of-Way is the right to pass over another's land according to the nature of the easement.

 

If you need more information or want free no obligation mortgage advice please feel free to contact me today!

 

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Walter Pawlowski Ontario Mortgage Agent M11002486