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Real Estate Representative [back to top]
A person (often incorrectly referred to as an "agent") who has met provincial government criteria for registration as a real estate salesperson and is employed by a broker to trade in real estate on behalf of the broker. A Revenue Canada income tax ruling that created "independent contractor" status for salespeople, giving them more tax deductions, has left a false impression that salespeople are legally independent of their broker.
Realtor [back to top]
A registered real estate broker who holds active membership in a local real estate board and the trademark of the Canadian Real Estate Association.
Redemption [back to top]
The buying back of a mortgage estate by payment of the sum due on the mortgage.
Redemption Period [back to top]
A period of time allowed by law where a mortgagor may redeem their property by discharging the entire debt in arrears.
Refinance [back to top]
Renegotiating your existing mortgage agreement. May include increasing the principal or paying out the mortgage in full. Useful for home renos or investments.
Registered Retirement Savings Plan (RRSP) [back to top]
An RRSP is a federal plan that allows a taxpayer to contribute approximately 18% of earned income tax free - to a maximum of $13,500 - into a retirement plan. If a taxpayer has already paid tax on personal income, then the RRSP contribution can result in a significant tax rebate. Since RRSP's can be contributed to retroactively, this enables large cash refunds to get first-time home buyers to take the plunge.
Registration and Discharge Dates [back to top]
Dates of registration by number and date given to the mortgagee. When the mortgage loan has been paid in full on or after maturity date, the mortgagee executes the discharge or cessation of charge and registers same to liquidate the mortgage which allows the mortgagor to redeem the mortgage.
Registration Fees [back to top]
Fees paid to the municipal or provincial government for a title transfer, mortgage registration or other instrument such as an assignment or lien.
Release of Charge [back to top]
A discharge of a mortgage.
Release of Covenant [back to top]
A release given to the mortgagor of a property that is sold to a new purchaser who is acceptable to the mortgagee.
Renewal [back to top]
At the end of a mortgage term, the mortgage may "roll over" on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing
Renewal Agreement [back to top]
An agreement where the lender may agree to extend the mortgage loan, possibly on revised terms as to the repayments of the principal or interest rate.
Rental Requirements [back to top]
The ceiling portion of a permanent loan commitment that is advanced upon reaching a minimum rental or occupancy rate.
Rental Value [back to top]
The monetary amount agreed to for the right to the agreed use of real estate.
Restriction [back to top]
A limitation contained in the deed tregarding the use of property or other written instrument in the title.
Restrictive Covenant [back to top]
A restriction in a title to limit or govern the use of the land.
Rests [back to top]
The periodical balancing of an account made for the purpose of converting interest into principal, and charging the party liable with compound interest.
Return on Investment [back to top]
Free and clear return is calculated as the percentage of net operating income to total investment in the property.
Reversion [back to top]
The 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. Depending on the terms of the controlling agreement, 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 end of the economic life of the improvements.
Right [back to top]
A claim or title enforceable by law.
Right of Survivorship [back to top]
A distinguishing feature of joint tenancies which provides the means, where land is held in undivided portions by co-owners, upon the death of any joint owner, for their interest in the land to pass to the surviving co-owner rather than their estate.
Right of Way [back to top]
The right to pass over another's land according to the nature of an easement.
Riparian Rights [back to top]
Where the rights of the owners of land on the banks of watercourses include the use of the water on, under, or adjacent to their land, including the right to acquire wharves and fish therefrom.
Roll-over Mortgage [back to top]
A type of mortgage where the interest rate is established for a specific period of time. At the end, the mortgage is said to "roll over" and the lender and borrower may agree to extend to loan. If satisfactory terms are not be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
Running With The Land [back to top]
A 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.