radon
A radioactive gas found in some homes that in sufficient concentrations can cause
health problems. |
rate-improvement mortgage
A fixed-rate mortgage that includes a provision that gives the borrower a one-time
option to reduce the interest rate (without refinancing) during the early years
of the mortgage term. |
real estate
The physical land and improvements made to it, including structures thereon. |
real estate agent
A person licensed to negotiate and transact the sale of real estate on behalf
of the property owner. |
real property
Land and appurtenances, including anything of a permanent nature such as structures,
trees, minerals, and the interest, benefits, and inherent rights thereof. |
real property report
The legal outline of the property and location of all buildings on the land (formerly
called the Survey Certificate). Click here
for more information on Real Property Reports. |
realtor
A real estate broker or an associate who holds active membership in a local real
estate board that is affiliated with the National Association of Realtors. |
rescission
The cancellation or annulment of a transaction or contract by the operation of
a law or by mutual consent. Borrowers usually have the option to cancel a refinance
transaction within three business days after it has closed. |
refinance transaction
The process of paying off one loan with the proceeds from a new loan using the
same property as security. |
relaxation permit
A permit issued by the municipality to grant permission to keep a development
intact in spite of the fact that it is contrary to a municipality’s land use provision.
|
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.
|
repayment plan
An arrangement made to repay delinquent instalments or advances. Lenders' formal
repayment plans are called "relief provisions." |
residential tenancies
act
Provincial legislation that amends the former Landlord and Tenants Act. It applies
to the rental of residences such as houses, suites, apartments and rooming houses.
|
restrictive covenant
A registered limitation against the land title. In Alberta, such a restriction
would normally be found in the form of a caveat registered against the title at
the Land Titles Office. |
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. |
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