Rack rent Rent where the price has been agreed between the landlord and tenant, rather than fixed or controlled by law.
Real estate Any property that comprises buildings, land and the natural resources contained thereon. Also known as ‘realty’.
Realty The owner of real estate (see above) property.
Reasonable force The use of force, as required by the context, to defend oneself or others, stop a crime or carry out an arrest.
Receiver An individual who knowingly receives and harbours stolen goods.
Recognizance An obligation to perform a specified action, either sworn before a judge or magistrate or assured with a financial pledge.
Redemption The process whereby real estate is liberated from a mortgage.
Redundancy When an employee is dismissed because their position is no longer needed, rather than through any fault of their own.
Registered land Land that has been registered, either with the Land Registry or, if it’s agricultural land, Rural Land Register.
Registered office A business’ legal address.
Reinsurance Insurance that one insurance company has bought from another.
Remainder The interest held by an individual who owns real property of another that will take effect on the expiration of the property interests.
Renouncing probate The use of a legal document to announce one’s desire to renounce one’s position as the administrator or executor of a deceased person’s estate.
Repossession The process whereby a financial institution, such as a bank, claims ownership of property that has been rented, leased or used as collateral.
Representative action Legal action taken by just one or several individuals on behalf of a large group.
Reprieve To temporarily delay an offender’s punishment or sentencing.
Rescission When a contract is terminated and both parties resume their pre-contract positions, either by mutual agreement or by an act of law.
Reservation of title A clause that enables suppliers to remain the legal owners of any goods they supply until certain specified conditions are met.
Residence order A court order that decrees where a child will live following disputes as to their living arrangements.
Residuary legacy A legacy that includes all that remains of a testator’s estate once all the bequests specified in the will have been made.
Resisting arrest Physically resisting being arrested, handcuffed or taken to jail.
Restitution The basic purpose of restitution is restoring something that has been taken away to its rightful owner. This principal is used in contractual situations where one party has coffered a benefit on another party but cannot claim that benefit as the contract is defective or no longer exists.
Restraining order A court order that prevents the subject of the order from certain behaviours or activities, such as making contact with a particular person, or else they will face criminal charges.
Restriction order A court order that decrees that a person should be retained in a hospital rather than a prison, on the grounds that they present a danger to the public due to mental illness.
Restrictive covenant A type of contractual agreement that is subject to certain limitations.
Revolving credit agreement A form of credit that enables individuals to withdraw, repay and re-withdraw a set loan amount an unlimited number of times, such as credit card loans and overdrafts. Also known as ‘evergreen loans’.
Rights issue When a company offers current shareholders a good deal on newly issued shares. Also known as ‘capitalisation issue’.