Real Estate
Real Estate or immovable property is a legal term that encompasses land alongwith anything erected or permanently affixed to the land, such as building.
Real estate tax
The tax paid by the owner of real estate, based on the value of the real estate. The taxing authorities look at the appraisal of the value of the property, and tax is assessed in proportion to that value.
Real property
A legal term focusing on real estate ownership interests.
Real property law
The law makes a broad distinction between real property (land and anything affixed to it) and personal property (everything else, e.g., clothing, furniture, money).
Right of First Refusal (Purchase)
A lease clause that gives a tenant the first opportunity to buy a property available for the same price and on the same terms and conditions as those contained in a third party offer that the owner has expressed a willingness to accept.
Redemption
The right of an owner to reclaim property by paying off the debt after default, along with interest and other costs, and before sale at foreclosure.
Registration
The process by which ownership or title of the property is transferred from the seller to the buyer via a deed of transfer.
Rent
The price paid for using or occupying a piece of land, buildings or dwelling units, to the owner of that property.
Renting
An agreement where payment is made for the temporary use of goods or property owned by another person or company.
Rescission
The cancellation of a contract by mutual consent of the parties to the contract.
Registration and mutation
It is mandatory for the Sale Deed of high value property transactions to be registered at the Regional Sub Registrar's Office of the local Municipal Authority. Thereafter, the buyer must apply for mutation, which would incorporate the name of the buyer of the property in the title records.
In order to complete the transfer of property, the seller must furnish or arrange for a valid "certificate of completion" issued from the local municipal authority to the buyer.
Rentable area
The area of floor space for which rent is calculated even though other areas, within or outside the premise, are also lawfully being used by the tenant. The direct calculation of rent for an office building, for example, will exclude the space used for corridors, atrium and stairways.
Rental advance
It comprises a lump sum payment to the landlord at the beginning of the lease term, used to adjust in equal installments over the lease term against the monthly base rental payable by the tenant.
The advance amount is usually between 3 to 18 months depending on the city, type, location of property and the period of the lease.
Rateable value
The value upon which a property tax is charged in India. This value is determined by the tax authorities and thereafter the tax liability is imposed on the owner(s) of the property on the basis of certain pre-determined tax slab rates.
Refurbishment
Improvement and modernization of a building that has fallen short of rebuilding or redevelopment and normally not requiring planning permission (other than for alterations to the external appearance), except in the case of listed buildings.
Rent Act(s)
Legislation promulgated by various states in India with the aim of regulating the terms and conditions of the rental market in order to curb profiteering and hoarding. It prevent owners to enjoy economic returns from same categories of property, thereby allowing market inefficiencies.
Rent Free Period
An agreed period, usually for several weeks or months, during which a lessee is allowed to occupy the subject premises without payment of rent while he/she incurs any expenditure on such matters as fitting out premises or carrying out repairs or improvements etc.
Rent-Up Period
The period of time, subsequent to the construction of a new building, where tenant searching activity is hectic and the project is nearing its stabilized occupancy.