Receiver

A person authorised to manage the affairs of a bankrupt, or a person appointed by a mortgagee to manage the financial affairs of the mortgagor. This applies to both individuals and companies.

Reduced Level

The relative height of a point in relation to a known datum, usually AHD.

Reference Mark

A survey mark of a durable nature placed or situated near and connected by measurement to a corner, angle or tangent point of a survey.

Register: (The Torrens Register)

The land titles Register maintained under the Real Property Act 1900 to record information about parcels of land or strata lots, including names of owners and any interests or dealings affecting the titles for such lots or parcels.

Registered Plan

A category of plan of subdivision being a plan of survey containing 5 or more lots of land held under Common Law title, and registered by the Registrar General. This plan series was discontinued in 1961. Existing plans were renumbered in the DP37000 series.

Registered Proprietor

The person(s) seized or possessed of the freehold or other estate or interest in land and recorded on the title as being the owner.

Registrar General

The Registrar-General is the official title of the state government official responsible for land title records in NSW. The position is currently held by the General Manager of LPI.

Registration - Dealings

The recording of the effect of a dealing against the relevant folio of the Register. Such recording usually results in a change of ownership or entry/removal of a second schedule notification.

Registration - Plans

Upon registration the pattern of subdivision is given a legal identity and lots in the plan may be sold as such at this point.

Requisition

A form or letter requiring that certain action be taken, done, given, amended, furnished, etc to allow a dealing, plan or other document to be registered.

Rescission

The act of rescinding. (Reservation of land for a specific purpose ie a lease). A termination of a contract either by an act of the parties to the contract or a court.

Residue

Land remaining in an otherwise cancelled folio of the Register, eg sites of roads remaining after the folio has been cancelled by subdivision.

Restrictive Covenant

Originally a covenant by the purchaser with the vendor not to use the land for a specified purpose or in a specified manner. To be enforceable against the purchaser and successors in title it must be restrictive in nature and may not impose a duty to do any positive act, whether or not it involves spending money. Now called a "restriction on the use of land", it is usually created by Section 88B Instrument.

Resumption

The compulsory taking of land or an easement by the State of NSW or a statutory authority under an Act of the State by a notification in the NSW Government Gazette. For the purposes of bringing land under the Real Property Act 1900 includes a compulsory acquisition by the Commonwealth of Australia.

Resumption Application

An application to the Registrar General by a resuming authority to be recorded as the registered proprietor of land.

Reversion

The interest in an estate that reverts to the grantor or his/her heirs at the end of a period.

Right of Way

A right of way is an easement allowing a right to use part or all of another property for access purposes.

Riparian

This word relates to rivers, streams or any other natural watercourse.

Riparian Rights

The rights of the proprietor of a parcel of land abutting a stream to use the water flowing through it.

Refinance

To obtain new finance for something on different terms, usually involving the paying off of an existing loan by means of a new (and often cheaper) loan.

Reverse mortgage

Designed for seniors who are asset-rich (usually with their PPOR) but cash-poor. The facility allows them to access the equity in their homes without having to sell it. Most often the loan is not paid out until the borrower dies, moves into a nursing home or relocates.

Rental yields (and calculations)

The return on an investment as a percentage of the amount invested. Gross rental yield can be calculated by multiplying the weekly rent by 52 (weeks in a year), then dividing by the value of the property and multiplying this figure by 100 to get the percentage.

Reserve price

The minimum amount a seller will accept at an auction.