Definitions

Question 1

Abutting Land

Answer 1

Land that has a common boundary with the other piece of land, in whole or in part.

Question 2

Common Law Doctrine of Merger

Answer 2

if an individual owns two properties that are abutting, and owned in the same name; the properties merge.

Question 3

Access Road

Answer 3

Road Located on land that is not owned by a by a municipality and not deemed to be a public highway that provides an access route for vehicles to access either a parcel or multiple parcels of land.

Question 4

Adjustments

Answer 4

Made to the purchase price of a home/condo/piece of land. They must be reviewed and discussed with the client to ensure that they have sufficient funds for the adjustments on closing. In new home construction, adjustment may be for construction items, municipal development levies, and admin and closing costs.

Question 5

Adverse Possession

Answer 5

Gaining some right on land by claiming you had uninterrupted use of the land for 10 or more years. Cannot be claimed under the LT system or against the Crown (highways).

Question 6

Agreement for Purchase and Sale

Answer 6

beginning of any real estate transaction aka “the offer”. It must be in writing in accordance with the Statute of Frauds.

Question 7

Amortization Period

Answer 7

Period of time required to pay back all back all of the principal and interest due under a mortgage. The longer the period, the lower the monthly payments but total is higher. This applies to fixed monthly blended payment mortgages where each month part of the principal and interest is paid down.

Question 8

Abstract title

Answer 8

Public register where documents that affect land (deeds, mortgages) are registered. Purpose is to provide information to the public about ownership and legal status of the property.

Question 9

Registry system

Answer 9

governed by the Registry Act
* Gov offers no guarantee of title/statement of ownership
* Only warrants that the register is properly created and the documents are properly recorded
* No authority to refuse the registration of documents which comply with the prescribed forms
* Can be handwritten; by a non-lawyer, etc. so long as it meets the requirements

Question 10

Land titles system

Answer 10

governed by the Land Titles Act
* Gov provides statement of ownership/guarantees the title
* Exceptions: adverse possession claims established prior to conversion
* Doesn’t guarantee boundaries/extent of land
* Parcel record can be relied upon; subject only to exceptions listed on the register or in statute

Question 11

Land Title (LT) Absolute

Answer 11

Category of Ownership in Land Titles (types of PINs) → existing land titles properties (title prior to conversion)
- Land titles to land titles

Question 12

Land Title Conversion Qualified (LTCQ)

Answer 12

Category of Ownership in Land Titles (types of PINs) Registry properties converted during the automation process
* Registry to land titles
* Can still be subject to adverse possession claim put in prior to conversion

Question 13

Land Title (LT) Plus

Answer 13

upgrade from LTCQ to LT Absolute
* Application to upgrade prior to condo developments/subdivision
* Notice given to any party who could conceivably bring an adverse possession claim, then those claims are vetted
* Once those claims are dispensed with, upgrade is complete and no more claims can be brought

Question 14

Writ of Execution Definition

Answer 14

Method of enforcing a civil judgment that has been obtained in court against an individual
o Acts like a lien on property → if someone buys your property w/o your writ being paid out, it becomes their problem
* In order to sell the property, writ must be paid out so that you can pass ‘clean’ title
* If not cleared, it acts like an encumbrance/lien

Question 15

Writ of Execution

Answer 15

• In registry, 40 year search period
• In titles, only search current owner
• Writs on any prior owners are no longer enforceable
• Very important to do an execution search for writs against the vendor in order to ensure that title is clean
  o You can theoretically buy property with unclean title, but it goes against the fundamental elements of a transaction
• You can take title ‘subject to’ certain things, but if the title isn’t good… you wouldn’t want to be involved
• Pre-existing writ will encumber land the second that the deed is put in your name
• Property becomes bound by that writ and pushes mortgage to second priority debt
• Writ would be paid out before the mortgage → bank requires that mortgage be the first thing paid out (first debt payable if you sell the house)
• You can issue writs in other jurisdictions based on a judgment
  o You would typically only search the jurisdiction where the subject is situated
  o Writs follow the person but HAVE to be registered in the jurisdiction the house is in
• 2/3 names have to be the same if you receive a hit on a similar name
  o Would have to get client to swear an affidavit that they are not the similarly-named person

Question 16

Building location survey

surveys

Answer 16

• private document done for personal purposes, creates a record of the boundaries ofyour property and the location of your house on the property not registered on title
• Vendor only has to provide you with things in their possession → if they don’t have a survey, they do not have to provide you one
• Usually costs ~$3000 to have a survey done
• Doesn’t get registered on title

Question 17

Reference plan

Surveys

Answer 17

in some cases, the legal description of property needs to be updated/condensed, etc. registered on title
* Get a surveyor to survey the property and draft a reference plan
* This effectively renames the property → condenses the description
* Has to be approved by the land registrar

Question 18

Plan of subdivision

Answer 18

divides land into separate discrete lots, typically for the purpose of development → registered on title
* Different from reference plan, as the parts noted are separate

Question 19

Assignments and Preferences Act

Answer 19

• S.4 Fraudulent Conveyance:
  Any transfer of property by an insolvent person, or one about to become insolvent, with the intent to defeat creditors is void against such creditors.
• transfers to specific creditors with the intent to give unjust preference over others are void. Such transfers can be set aside as fraudulent conveyances.
• Other creditors can apply to court to set aside such transactions, alleging unjust preference.
• Transfer to a creditor giving them preference over others is presumed to be with intent to provide unjust preference.
• This presumption holds even if the transfer was voluntary or under duress.
  Exceptions:
• Conveyance made in good faith to an innocent party, unaware of the transferor’s circumstances, with consideration of reasonable relative value, may be allowed to stand in some cases.