| RATCHET
CLAUSE |
|
A
clause in a lease which provides for a periodical adjustment
to the rent in accordance with some formula but with a proviso
that the rent in any period will never be less than the rent
in the preceding period. |
|
| RATES |
|
Taxes
on property imposed at a local government level by municipal
councils and water and sewerage authorities (under various names).
Some rates are imposed on the site value of each property and
others on the improved value or the net annual value. |
|
| REAL
ESTATE |
|
Property,
including land, houses and commercial buildings. |
|
| RECIPIENT
CREATED TAX INVOICE (GST) |
|
A
tax invoice issued by the person making a payment. |
|
| REIA |
|
Real
Estate Institute of Australia. |
|
| RENT
|
|
The
periodical payment by a tenant or lessee to a landlord or
owner for the use of his property.
|
|
| RESERVE
PRICE |
|
The
lowest price which the vendor at an auction is willing to accept. |
|
| REVIEW
(GST) |
|
Alterations
to rent which involve either an element of negotiation between
the parties to a lease or at the very least an application of
judgement by one of them as distinct from rent increases made
mechanically in accordance with some formula based on an index
or expressed in dollar or percentage terms. The term also embraces
rises where the right to impose them in order to reflect the
imposition of a GST was specifically reserved in the contract. |
|
| RIGHT
OF FIRST REFUSAL |
|
A
special clause in some leases which gives the lessee the right
to buy the property if the lessor ever offers it for sale during
the currency of the lease. The purchase price available to the
lessee under such a clause is the price which another party
is willing to pay, and the lessee usually has a limited period
in which to take up this opportunity. |
|
| RIGHT
OF WAY |
|
The
right to pass over land owned by another person - for example,
a common driveway. See also "Easement". |
|
