Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
Torrens System |
- Gov't guaranteed - Based on priority of chronological registration - One central online registry |
|
Real Property |
Land and anything permanently attached to it |
|
3 types of land ownership |
1. Fee Simple - own, sell, leave to someone if death 2. Life Estate - limited own, own/use ends in death 3. Leaseholds - 99yr lease, own until lease ends, own sell inherit during lease, ex. gov't leased land |
|
Multiple Ownership |
Joint tenancy (equal owners, right of survivorship)
Tenancy in common (may be unequal. No right to survivorship) |
|
Right of Survivorship |
Last man standing rule. One person dies, automatically goes to other owner despite a will
Applicable for joint tenancy but not tenancy in common |
|
Adverse possession |
Exclusive uninterrupted use, go to court to own land, 20 yrs +
Not used in Torrens system (Not in BC)
Only private land |
|
Encumberances |
Burden, obstruction, or impediment on property that lessens it value. Ex. trespass on neighbour's land to reach your land
Registered in Land Title Office
Exception to Privity |
|
Voluntary Encumberances |
1. Easement 2. Statutory right of way 3. Restrictive covenant 4. Statutory building scheme 5. Option to purchase 6. Right of first refusal 7. Mortgage 8. Assignment of rent 9. Agreement to sale 10. Lease 11. Right of lease renewal 12. Mineral Rights 13. Land use contract |
|
Easement |
Voluntary encumberance
Grants access over adjoining property
Must have dominant and subservient tenement (gives up and gives up benefit)
|
|
Statutory right of way |
Voluntary encumberance
Access right with no dominant tenement
Only available to gov't and utilities |
|
Restrictive covenant |
Voluntary encumberance
What cannot be done on property (ex. 55+ complex) |
|
Statutory building scheme |
Voluntary encumberance
Building guidelines |
|
Option to purchase |
Voluntary encumberance
Buy right to buy property |
|
Right of first refusal |
Voluntary Encumberance
Price match |
|
Mortgage |
Voluntary encumberance
Secured debt |
|
Agreement of sale |
Voluntary encumberance
Vendor financing, payments over time |
|
Lease |
Voluntary encumberance
Less than 3 years: honoured lease More than 3: honoured if registered lease |
|
Mineral Rights |
Voluntary encumberance
Minerals on or under the land |
|
Land use contract |
Voluntary encumberance
Only used for intended purpose, otherwise must stop |
|
Enforced Encumberances |
1. Judgement (2 yr renewable) 2. Caveat (short term freeze, 90 days) 3. Certificate of pending litigation (long freeze) 4. Land spouse protection act (together or 1 yr after break up) 5. Strata lien (force sell) 6. Builders lien - work and materials (45 days after work complete) 7. Community Charter notice (breach of by-law) 8. Notice of civil forfeiture (civil breach causes forfeit of land)
|