Canadian Real Estate Glossary

Canadian Real Estate Glossary


R-Value: A measure of thermal resistance that quantifies the effectiveness of insulation materials in resisting heat flow.  Higher R-values indicate better insulation properties. R-values are used in construction and building science to determine the appropriate amount of insulation needed for walls, roofs, and floors to achieve energy efficiency and maintain comfortable indoor temperatures. R-values are typically expressed as a numerical value per unit thickness.

Radon: A naturally occurring radioactive gas that can seep into buildings, requiring mitigation measures to ensure safe indoor air quality.

Rate Hold (Rate Lock): An agreement between a lender and borrower that guarantees a specific interest rate for a set period, typically during the mortgage application process.

Real Estate: Property consisting of land and any structures or natural resources attached to it. Real estate encompasses various types of properties, including residential homes, commercial buildings, vacant land, and industrial facilities. 

Real Estate Agent: A licensed professional who represents buyers or sellers in real estate transactions, helping them with property buying, selling, or leasing.

Real Estate Lawyer: A legal professional who specializes in providing legal advice and representation in matters related to real estate. Real estate lawyers assist clients with various aspects of real estate transactions, including buying or selling properties, negotiating and reviewing contracts, conducting title searches, handling property disputes, and ensuring compliance with relevant laws and regulations.

Real Property Report (RPR): A legal document that outlines the boundaries, improvements, and encroachments of a property, often required during real estate transactions.

REALTOR®: A registered trademark term that refers to a real estate professional who is a member of the Canadian Real Estate Association (CREA). REALTORS in Canada are licensed real estate agents who adhere to a strict code of ethics and professional standards established by CREA. They provide a range of services, including assisting clients in buying or selling residential or commercial properties, conducting market research, negotiating deals, and providing expert guidance throughout the real estate transaction process. REALTORS in Canada have access to comprehensive property listings through the Multiple Listing Service® (MLS®) and are knowledgeable about local real estate market conditions and regulations.

Rebuild Cost: The estimated cost to completely reconstruct a property in case of damage or destruction, including materials, labor, and other associated expenses.

Reconveyance: The transfer of property title from the lender (mortgagee) back to the borrower (mortgagor) once a mortgage or deed of trust has been fully paid off and satisfied. Reconveyance typically involves the preparation and recording of a reconveyance deed or a release of mortgage document in the public records, which serves as evidence of the borrower's full ownership rights and the lender's relinquishment of any claims on the property. 

Recourse Mortgage: A mortgage loan in which the lender has the right to seek recourse against the borrower's assets if the borrower defaults on the loan.

Refinance: The process of replacing an existing mortgage with a new loan, often to take advantage of better interest rates, change loan terms, or access equity.

Remaining Term: The amount of time remaining on a loan or lease agreement until it reaches its expiration or maturity date, typically measured in months or years.

Rent Control: Government regulations or policies that limit the amount landlords can increase rents on residential properties, protecting tenants from excessive increases.

Rental Agreement: A legally binding contract between a landlord and tenant that outlines the terms and conditions of renting a property, including rent, duration, and responsibilities.

Rental Market Vacancy Rate: The percentage of available rental units that are unoccupied at a specific time, often used to assess the health of the rental market.

Repayment Period: The duration over which a loan is scheduled to be repaid, typically expressed in months or years.

Repayment Plan: A structured schedule that outlines the terms and timeline for repaying a loan or debt. Repayment plans specify the amount of each payment, the frequency of payments (e.g., monthly or quarterly), and the duration of the repayment period. A repayment plan helps borrowers manage their debt obligations by providing a clear roadmap for meeting their financial commitments.

Repossession: The legal process through which a lender or creditor takes possession of collateral, typically a tangible asset like a vehicle or property, when a borrower fails to fulfill their financial obligations.

Rescission: The act of cancelling or voiding a contract or agreement, allowing a party involved in the contract to legally undo or nullify the transaction and effectively return both parties to their pre-contractual positions. Rescission may occur due to various reasons, such as mutual agreement, breach of contract, fraud, misrepresentation, or other legal grounds. When rescission is invoked, the parties involved are typically required to restore any benefits or consideration received under the original contract.

Residential Property: A property designed or used primarily for residential purposes, such as single-family homes, apartments, condominiums, or townhouses.

Restructured Loan: A modified loan agreement made between a borrower and a lender to adjust the terms of an existing loan, such as the interest rate, repayment schedule, and loan duration. Loan restructuring typically occurs when the borrower is facing financial difficulties and is unable to meet the original repayment terms.

Return on Investment (ROI): Return on Investment is a financial metric used to evaluate the profitability or performance of an investment. It measures the percentage or ratio of the gain or loss generated from an investment relative to its cost. ROI is calculated by dividing the net profit or gain from the investment by the initial investment cost and expressing it as a percentage.

Reverse Mortgage: A type of loan available to homeowners aged 55 and older that allows them to borrow against the equity in their homes while retaining ownership.

Right of First Refusal: A contractual right that gives a party the option to purchase a property before the owner enters into a sales agreement with another party.

Rollover Mortgage: A type of mortgage that allows borrowers to extend the loan term at the end of the current term, typically with a new interest rate and payment schedule.

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