Genesis Associates Mortgage Definitions "R" (866) 410.4410

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Definitions of Mortgage Terms

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Real Estate - The physical land and appurtenances including structures affixed thereto.

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

Real Property - The interests, benefits, and rights inherent in the ownership of the physical real estate. It is the bundle of rights with which the ownership of real estate is endowed, with limitations, and does not include personal property. Often called "property", "real estate", or "land".

Reassessment - The process of creating a new base for property taxation by updating assessments to reflect more current values. Ontario had its first province-wide reassessment in 1997, its second in 2000, and its third in 2002.

Realty - Real property.

Recasting - Any increase in loan based in part or in total on unforeseen increased costs incurred during construction.

Receiver - In connection with mortgage actions, an appointee of a court, requested by a mortgagee, to receive and account for the rents and profits from the mortgaged premises.

Reconciliation -One of several steps in the appraisal process by which the appraiser arrives at a final value estimate.

Redemption - The duty of the mortgagee, on being paid the principal, interest and costs due by the mortgagor, to hand to the mortgagor the title deeds together with an executed reconveyance of the mortgage property.

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

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

Renewal Agreement - An agreement whereby the lender may agree to extend the mortgage loan but possibly on revised terms as to principal repayments and interest rate.

Rent Roll - A statement listing the tenants in occupancy, the area or unit occupied by each, their lease expiry date and rent payable and other leasing details that may be required.

Replacement Cost - Cost of replacing the subject property new with one having exactly the same utility.

Replacement Reserve - A cash reserve for the future replacement of fixed assets.

Reproduction Cost - The cost of reproducing a new replica property on the basis of current prices with the same or closely similar materials.

Request to Redeem -A notice filed under a foreclosure action allowing the mortgagor 60 days to redeem the property, otherwise the mortgagor is foreclosed.

Restrictive Covenant - A contract between neighbouring landowners restricting the use of one of the parcels. It must be negative in nature.

Rests - The periodical balancing of an account made for the purpose of converting interest into principal, and charging the party liable therein with compound interest, e.g. half-yearly.

Return on Equity- The percentage that the annual cash flow after debt service is of the equity in the property.
Reverse Mortgage -A mortgage that facilitates equity conversion into cash or an invome stream.

Right -An interest in property.

RRSP Mortgage -A non arm's length mortgage in which the RRSP Plan holder lends himself or herself funds in accordance with regulations established by the Revenue Canada Agency.

Annual Cash Flow - Debt Service
Equity

Return on Investment - The percentage that the annual cash flow after debt service is of the cash investment in the property.

Reversion - A right to future possession retained by an owner at the time of a transfer of an owner's interest in real property.

Right of Survivorship - The distinguishing feature of joint tenancies and tenancies by the entirety which provide that, where land is held in undivided portions by co-owners, upon death of any joint owner, their interest in the land will pass to the surviving co-owner, rather than to their heirs or devisees.

Right-of-way - The right to pass over another's land, more or less frequently, according to the nature of the easement.

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