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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)