Chapter 14 - Real Property Flashcards
What are the two types of property?
- Real Property
- Personal Property
What is real property?
LAND and anything permanently attached to it
- Only the portion that can be permanently used or occupied
- Air – no right to the airspace
- Subsurface – no rights unless specific grant
- Mineral rights usually separate from surface rights and covered
by their own body of law
What is personal property?
Two Categories:
A. Chattels (goods): tangible personal property that is moveable and can be weighed and measured (i.e. a boat)
B. Chose in action: An intangible right is a claim one person has against another (as a claim for debt, share certificates, bonds)
Estates in Land
The right of possession to land granted by the Crown
- Fee Simple: (ownership) the right to use and sell land subject only to local restriction - the greatest interest you can have
- Life Estate: right to use of the property for one’s lifetime
- Upon the death of a life tenant property reverts back to original owner - Leasehold Estates: land leased to a tenant for a specific period of time
Lesser interests in land
Do not convey the right to exclusive possession of the property
Easements
gives person right to use a portion of another’s land for a particular
purpose but does not give possession
Easement by prescription
right to land acquired by use - Landowner must exercise control periodically. i.e. walking across a piece of land home every day.
Adverse Possession
a right to actual land possession through long-term
use tolerated by legal owner
Restrictive Covenants (Land)
designated restrictions on how the land can be used
and bind all subsequent holders
Tenancy in Common
two or more people share an undivided interest in property with
each owning a designated portion of title
undivided interest, ownership transfers to heirs
Joint Tenancy
two or more people own the entire property
Right of survivorship, can be severed
Registration system
- Registrar of Alberta Land Titles
- Registration is imposed to assist in ascertaining title
- Documents related to land transactions create an accurate title trail
Mortgages
Mortgage involves the debtor borrowing money and giving the creditor a claim against their property (land and buildings) as added security in the event of default
Fixtures
a chattel when it is attached to the land and becomes part of the real property
Law of finders
Finder gets good title against all but the original owner
