|
REAL ESTATE
|
Real property. Property in land and
improvements that which is not personal property. |
|
REAL ESTATE BOARD
|
An organization where members consist of
primarily of real estate brokers and salesmen. |
|
REALTOR
|
A real estate broker holding active membership
in a real estate board affiliated with the Philippine
Association of Realtors Boards. |
|
RECONVEYANCE
|
The transfer of the title of the land from one
person to the immediate preceding owner. |
|
REDEMPTION
|
Buying back one's property after a judicial
sale. |
|
REFORMATION
|
An action to correct a mistake in deed or
other document. |
|
RELEASE CAUSE
|
This is a stipulation that, upon the payment
of a specific sum of money to the holder of a trust deed or
mortgage, the lien of the instrument as to a specific
described lot or area shall be removed from the blanker lien
on the whole area involved. |
|
RESCISSION OF CONTRACT |
The abrogation or annulling of a contract; the
revocation or repealing of a contract by mutual consent by the
parties to the contract, or for cause by either party to the
contract. |
|
RESERVATION |
A right retained by a grantor in conveying
property. |
|
RESTRICTION |
The term as used relating to real property,
means the owner of real property is restricted in or
prohibited from doing certain things relating to the property
for certain purposes. For instance, the requirements in a
deed that a lot maybe used for the construction of not more
than a one-party dwelling, costing not less than ten thousand
pesos (P10,000.00), is deemed to be restriction: also a
legislative ordinance affecting all properties in a given
area, requiring that improvement on property shall not be
constructed any closer than twenty feet from the street curb,
is a restriction by operation of law. |
|
REVERSION |
The right to future possession or enjoyment by
the person, or his heirs, creating the preceding estate. |
|
REVERSIONARY INTEREST |
The interest which a person has in lands or
other property, upon the termination of preceding estate. |
|
RIGHT OF SURVIVORSHIP |
The right to acquire the interest of a
deceased joint-owner; distinguished feature of a joint
tenancy. |
|
RIGHT OF WAY |
A privilege operating as an easement upon
land, whereby the owner does by grant, or by agreement, give
to another the right to pass over his land; to construct a
roadway over, or use as a roadway, a specific part of his
land, telephone, telegraph, or electric power lines, or the
right to place underground water mains, gas mains or sewer
mains. |
|
RIPARIAN RIGHTS |
The right of a landowner to water, on, under,
or adjacent to his land. |