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20 Cards in this Set

  • Front
  • Back
real property
- interest in real estate
- recorde in formal document e.g. deed or lease
encompasses rights, interests and benefits related to ownership
real estate
-represents a physical asset
-encompasses the land itself including all things naturally occurring and attached e.g. buildings
market value
- values ascribed by market participants form the objective basis for estimating MV
why are valuation done?
- financial reporting
- transfers of ownership
- loans and mortgages
- tax matters
- investment decision making
what defines property ownership?
registration
- o Property has no value if you do not have rights to it
o Full rights and partial rights (rental properties)
o How would we know who has rights? (tradable and transferable rights)
o Outlines who owns or has rights to property
o Ensures that disputes over land use and fraudulent sales are minimised
o Provides knowledge on who has the tradable rights associated with a property.
deeds system
- Initial recording system for recording the transfer of interest in land in New Zealand
- Deeds were registered with the Deeds Registration Office
- There was no State guaranteed ownership, any guarantee of accuracy of the documentation of land boundaries etc.
- This system no longer in use
crown grants
- In NZ, Crown has absolute ownership of land
- Crown Grants were necessary in the issuing of title deeds
- Other than Maori customary land
⇒ All land is occupied by tenants that hold the land under a grant from the Crown
- Crown issues land directly by way of Certificate of Title
⇒ upon registration, has full effect of a Crown Grant
- When someone purchases a freehold property they own an ‘estate’ in the land rather than owning the land itself.
certificate of title
- Torrens System introduced in 1879, which provided;
1. issuance of a Certificate of Title for land
2. description of land
3. every transaction associated with that land
what are the types of rights and tenure
1. freehold tenure/fee simple
2. leasehold tenure
freehold tenure/fee simple
o All land held by the Crown and this form of ownership is the highest and most secure form of ownership
leasehold tenure
o Lease documents typically specify the extent of the lessee’s rights and responsibilities, including how long they can occupy the real property and under what conditions.
is co-ownership possible under freehold tenure?
yes
Joint tenant
• Owns the property concurrently with other joint tenants
• Upon death of a joint tenant, the surviving tenants become the owners of the whole.
• They do not have defined share
• Separate certificates cannot be issued
Tenant in common
• Owns whole concurrently with other tenants but also has a defined share
• Separate title can be issued for each share
• Upon death of one of the owners, ownership is not passed onto another tenant.
other types of interests
- Right of way
o As easements allowing access to another parcel of land
- Mortgages
o The borrowing of money secured on the property
• Make sure they can pay, record in ownership documents/certificate
• To ensure the lender get paid/have the right to property if there is a default
- Easements
o Rights over the property for a specific use,
• such as placing utility lines
• in apartments you cant hang washing on a balcony
- Covenants
o A legal agreements between two or more parties
Generally recorded at the bottom of a Certificate of Title
certificate of title
- Held at Land and Deeds Offices
- Available for Public Inspection
- Records all dealings relating to real property
o Has to be reported though
- Numbered instrument
o Filed separately
o Certificate only has brief details about the type of instrument it is along with a memorial number and the date of registration
instrument types
- Transfer
- Caveat
- Easement
- Encumbrance
- Instrument
- Lease
- Memorial
- Mortgage
- Proclamation
- Transmission
transfer
o A document recording the sale of land
Caveat
o A warning notice that the person (or Group) claims an interest in the land
Easement
o An agreement where a person promises to give, do, or not do something for another person on their land
Encumbrance
o A form of mortgage
o A burden on the land ( e.g. building restriction
Instrument
o A document, map, or plan that is relevant to dealings with the land (e.g. a lease or covenant)