Jan 242023
Real Estate and Financial Terms Under Letter ‘R’ – Australian Real Estate

Australian Real Estate is a collection of definitions that gives the meaning of words commonly used in the world of real estate, finance and business.

Buying, selling or renting property in Australia and having trouble understanding what they’re saying? To help you figure it out, we’ve created brief explanations of the words used. For more complete information, see your local real estate agent, financial advisor or solicitor.

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– R –
 real estate agentA person licensed to negotiate and transact the sale or lease of real estate on behalf of the property owner.
 real propertyLand, with or without improvements.
 rebateA refund, cash back, or monetary incentive such as a tax rebate or a first home buyer rebate.
 redraw facilityA loan where the borrower can make additional payments and then access these funds if necessary. There may be a minimum redraw amount and a fee associated with withdrawal.
 refinanceThe process of replacing or extending an existing loan with money from the same loan institution or a new one.
 REIReal Estate Institute of Australia is the national representative body of real estate agents.
 rental guaranteeA guarantee by a developer for a certain level of return on an investment property.
 requisitions on titleA process where the buyer requests additional information about the title of the property from the seller.
 reserve priceThe minimum price at auction which a seller will accept.
 right of first refusalA provision in an agreement that gives a party the first opportunity to lease or purchase a property before it is offered for lease or sale to others.
 investment loan
A loan to purchase an investment property.
 right of survivorshipIn joint tenancy, the right of the survivors to acquire the interest of a deceased joint estate.
 right of wayA right of one party or the general public to access or cross another property.
 rise and fall clauseA building contract clause which allows for an upward or downward final contract price according to fluctuation of material prices, wages or other factors specified in the clause.

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