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41 Cards in this Set
- Front
- Back
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Dowager |
A widow who has and is making use of her dower rights |
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The Dower Act of AB does not distinguish between
The spouse has a say in and a in that property upon |
widow and widower
the disposition of property owned by his or her spouse and a life interest
the spouse's death |
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Dower is an issue when
There are no dower rights if
If there is one person on the title, it must determine if the property is a |
There is only one person on the title
There are two or more persons on the title
homestead |
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Homestead |
If the registered owner of the property or the spouse have lived on that property at any time since their marriage, then the property becomes their homestead |
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If a property is a homestead |
The spouse has dower rights |
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Two rights under the Dower Act
The non owning spouse has a right to prevent
The non owning spouse has the a |
any disposition of any interest in the homestead
Life interest in the homestead after the death of the owner spouse |
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If the homestead is located on farmland, it consists of one
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Quarter Section of land |
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If a farmer owns a quarter section of land and the residence is on that quarter section, the spouse has |
Dower rights in that quarter section of land |
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A disposition of property under the Dower Act is ______. |
any sale, mortgage, or lease for more than three years |
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Two ways of dealing with dower |
The owner may execute a Dower Affidavit (Appendix 4.1 found under Module 4 in D2L), or2. The non-owner spouse may give their consent. |
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In a Dower Affidavit, the owner is swearing to the fact that there is _____and giving the reason why. The owner must confirm either that: |
no dower
The owner is not married, The owner or his or her spouse has never lived on the property at any time since their marriage The spouse has released dower rights in this property, or The spouse has judgment for damages against the owner. |
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If any of these situations are true, the owner swears the Dower Affidavit before a Commissioner for Oaths or a Notary Public. An owner who swears a false affidavit is liable to criminal charges for _____ and a civil action for ____. A spouse whose interest is defeated may have a claim against the _____. |
perjury fraud Assurance Fund |
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In the event that the owner cannot swear the Affidavit, usually because _______, then the spouse must execute a _____ (Appendix 4.2 found under Module 4 in D2L). Attached to the Consent of Spouse is a _______that must be executed by ________ if signed within Alberta and a ______ if signed outside Alberta. |
the owner is married and the owner and the spouse are living on the land
Consent of Spouse
Certificate of Acknowledgement by Spouse
a Commissioner for Oaths Notary Public |
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This Consent of Spouse, with the Certificate of Acknowledgement by Spouse, only refers to _____ and is not a permanent release. To ensure there is no duress, the registered owner of the property cannot ________. |
the one disposition to which the consent is attached and is not a permanent release.
in the same room at the time the non-owner spouse gives consent. |
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It is possible for one spouse to agree to give up any dower interest in the homestead even though _____. For example, under a ________ where unhappy differences have arisen between two spouses and they are agreeing to separate or be divorced, each of the spouses will ______. This will allow the spouses to go their separate ways and acquire properties without any concern that their former spouse may have a dower right in the newly acquired property. A ______ (Appendix 4.3 found under Module 4 in D2L) may also form part of a ______, entered into by parties before marriage. |
it is not being sold or mortgaged
Matrimonial Property Agreement
release any dower rights that they may have in the property of the other.
Release of Dower Right
Prenuptial Agreement
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Another fairly common occurrence is when two parties, in their later years of life, decide to ______. They may agree to live in the house owned by the wife and rent out the house owned by the husband, or vice versa. However, neither wants the other to have a dower right in either of the properties. In that case, they will execute ________, which will be final, and by which each gives up any dower right they have in the property of the other. |
marry and agree to keep their assets separate so that the husband can pass his assets to his family and the wife can pass her assets to her family.
Mutual Releases of Dower Rights
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A Release of Dower must be executed before _____, unlike a Consent and Acknowledgement that can be signed before a _______. A Release of Dower is good for ______, whereas a Consent and Acknowledgment is good for _____only. |
a lawyer Commissioner for Oaths all transactions relating to that piece of land one transaction |
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Do not confuse the Consent of Spouse with the Release of Dower. Release of Dower is dealt with more commonly in _____. The Consent of Spouse, with a Certificate of Acknowledgement, is the document found in dealings with _______. |
estate planning matters or matrimonial matters.
Real Estate transactions
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A Release of Dower must be executed before _____, unlike a Consent and Acknowledgement that can be signed before a _______. A Release of Dower is good for ______, whereas a Consent and Acknowledgment is good for _____only. |
a lawyer Commissioner for Oaths all transactions relating to that piece of land one transaction |
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Do not confuse the Consent of Spouse with the Release of Dower. Release of Dower is dealt with more commonly in _____. The Consent of Spouse, with a Certificate of Acknowledgement, is the document found in dealings with _______. |
estate planning matters or matrimonial matters.
Real Estate transactions
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A minor, also called _____, is an individual who has not yet attained the age of majority. In Alberta, the age of majority is 18, so a minor or infant is ______. Pursuant to the _____, the Public Trustee for Alberta is _____. Where a minor has an interest in land, and there is a disposition of land by sale, mortgage, or lease for greater than three years, then the Public Trustee must _______ |
an infant. anyone under the age of 18 Public Trustee’s Act statutory trustee for all minors within the Province consent to that disposition.
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The personal representative enters into an agreement to sell the property (conditional upon obtaining the Public Trustee’s approval) and signs the Transfer of Land that will transfer the title to the property into the name of the Purchaser. The personal representative then forwards the ___________ to the office of the Public Trustee, often with a copy of the ______, so that the Public Trustee can determine whether the transaction is in ______. |
original Transfer of Land appraisal and the Real Estate Purchase Contract the best interest of the infant or infants
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Public Trustees collect a fee of $_____, and presuming he or she approves of the transaction, will endorse his or her consent on the Transfer that would then be registerable with Land Titles Office. Land Titles Office will not accept a Transfer executed by a personal representative unless: |
10.00
The personal representative swears an Affidavit that there were no infants involved, or
The personal representative obtains the approval of the Public Trustee’s office. |
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If an infant is the registered owner of property (a more unusual but still possible circumstance), then the infant could transfer title to that property or otherwise dispose of the property only with the _____ pursuant to the _______. It is also possible, where the Public Trustee’s approval cannot be obtained, to have the Court approve or consent to a disposition of a minor’s interest in property pursuant to the terms and conditions of the Minor’s Property Act. |
consent of the Court Minor’s Property Act. |
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Most residential real estate transactions involve a Vendor selling his or her home property. Under the terms of the Income Tax Act, the sale of the principle residence of a Vendor is _____. That is, the individual can sell his or her principle residence and not have to ________ |
exempt from tax report the proceeds of the sale to Canada Revenue Agency nor pay tax on the proceeds of sale. |
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Where the property being sold is not the principle residence of the Vendor (i.e., a revenue property of some sort), then: |
There may be income tax payable if it is the Vendor’s business to buy and sell property, or
There may be capital gains payable if the Vendor has made a gain on the sale of the property
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That income tax or capital gains tax must be disclosed by the Vendor in ______ |
the Vendor’s next tax return. |
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under the provisions of the Income Tax Act, the non-resident Vendor’s solicitor is required to _______. |
withhold 25% of the sale price and report the sale to Canada Revenue Agency (CRA) |
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The non-resident Vendor will make application for a ______, and CRA will determine what tax, if any, is payable by the Vendor. The Vendor’s solicitor will then _____ and, once the tax is received, CRA will issue the Clearance Certificate allowing _________. |
Clearance Certificate remit that tax to CRA the balance of the proceeds of sale to be released to the Vendor |
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As further security, CRA may even obligate the Purchaser to _______. That is, if the Vendor is a non-resident of Canada, and the Purchaser does not ensure that the Vendor keeps back this 25% withholding tax until a Clearance Certificate is obtained, CRA has the right to ______. |
pay any unpaid tax of a non- resident Vendor require that any tax be paid by the Purchaser |
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CRA has acknowledged that obtaining ______ and obtaining the _____ in the transfer are sufficient inquiries for the Purchaser to make so that no tax liability will accrue to the Purchaser if he or she has obtained that warranty and certificate. |
the warranty in the Real Estate Purchase Contract
certificate
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The Alberta Government passed a statute entitled _____. Under this statute, the Provincial Legislature restricted the purchase of any “______” by anyone who is not a citizen of Canada or a landed immigrant |
The Agricultural and Recreational Land Ownership Act
controlled lands
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Controlled land is defined as |
any land outside the boundaries of a city, town, village, hamlet, or summer village. |
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What this means is that only a Canadian citizen (or someone who has applied for and obtained landed immigrant status and is known as a permanent resident) can purchase any property that is agriculturalor recreational and outside the boundaries of a city or town without restriction. A non-resident is restricted to owning ________ |
no more than two parcels of land totaling not more than 20 acres. |
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Before the Land Titles Office will register a transfer of any controlled land, the Transferee (_____) must submit to the Land Titles Office a _____, either for an _____ (Appendix 4.5) or for a ______ (Appendix 4.6 found under Module 4 in D2L). The Land Titles Office will reject any transfer of controlled land without this |
Purchaser Foreign Ownership of Land Declaration individual corporation |
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_____ requires that GST is paid on a _____. |
newly constructed home The Excise Tax Act |
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There is a rebate of 36.5 percent of the GST, or 2.55 percent of the purchase price, which is repaid back to the Purchaser. Once GST is paid on the sale of a newly constructed home, all further sales of that property are _____unless ______. Often the builder will charge the new home purchasers the net GST and have the purchasers assign the GST rebate directly to the builder. |
exempt from GST the property has been substantially renovated |
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Substantial renovation, pursuant to the terms of the Excise Tax Act, means more than a few cosmetic changes. The Act provides that essentially the house must be _____(“_____”) and _____ for there to be substantial renovation, in which case the next sale of that property would ______. |
stripped down to the bare walls gutted completely rebuilt not be GST exempt |
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Normally, the Vendor will give an ______that the property does not form ______, that no _______, and that the property has not been ______. |
Affidavit of Certificate part of a building scheme under the Excise Tax Act,
tax credits have been claimed
substantially renovated
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The Vendor must sign a _______ explaining why they are not required to pay GST
•No prescribed form for the statutory declaration signed by the Vendor, many law firms use different forms |
statutory declaration
explaining why they are not required to pay GST
•No prescribed form for the statutory declaration
signed by the Vendor, many law firms use different forms |
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Land Use Planning Restrictions refer to the ______. |
need to obtain municipal approval before subdividing property |
