midterm - module 1 Flashcards
what is real property
study of buying, selling, financing and other dealings with land and buildings for residential and commercial use
definition of real property and what it includes
immovable, tangible and intangible property
it includes all land, below the surface, above the surface and attached to the surface
ex. mines and minerals, buildings, trees and fences
what can real property also include
real property can also include personal property that is affixed to the real property to such degree that it becomes part of the property
ex. central air conditioning
is personal property considered as part of real property
personal property is not considered real property when the personal property is attached to real property solely for the purpose of being able to use it
what are the types of estates
real property estates
freehold estate
leasehold estate
fee simple estate
life estate
real property estates
-all property within canada is absolutely owned by the crown (government)
-the individual has a fee simple interest in a freehold estate when real property is given or sold by the crown
- the crown can also expropriate real property with or without compensation; the crown retains rights or absolute ownership on real property
- if there is no next of kin for an individual that passes away, the property owned at the time of their death will go back to the crown
freehold estate
- a person owns or holds land, free from interference by others
leasehold estate
- a lease gives a person the right to the possession of the real property for a specific number of years, in return for rent
fee simple estate
- main type of real property
- a person has freedom to dispose of it at will, free to use the property, sell it, or leave it to someone in a will
life estate
- a person has the right to possess, occupy, use and deal with the property during their lifetime
- no right to sell
-s subject to its reversion upon death of the life estate owner, to the fee simple owner (if the simple owner has passed away, the real property would go to a beneficiary of the owner - the remainderman)
what are the real property titles
- one individual ( sole ownership) or corporation
homesteads rights
joint tenants
right of survivorship
tenants in common
what is a title
a title is a document that contains information about the legal owner of a piece of property
one individual (sole ownership) or corporation
only this specific individual or corporation owns the property
- if the individual is married or in a common-law relationship, the other person has legal right to the property to possess the family home
homestead rights
to consent to or withhold their consent to any dealings with the real property
ex. sale of, mortgage or, lease of the property
joint tenants`
two or more people hold title entirely together
- each tenant has equal and undivided ownership
- one joint tenant cannot deal with the real property without the agreement of the other tenant
right of survivorship
if one joint tenant dies, the other joint tenant owns the deceased interest in the real property
- only the last surviving joint tenant may give the real property to a beneficiary under their will
- joint tenants who with to deal with their interests separately, may apply to have their tenancy severed
tenants in common
people hold separate (undivided) interest in real property but are not equal
- if title is unequal, title must indicate the percentages that each owner owns
-each may deal with their own interests without the agreement of the other tenants in common ( all tenants in common must come to an agreement when it comes to selling the property)
- no right of survivorship
what are the rights to property
easements
right-of-way
caveat
right of way by prescription
encroachments
encroachment on public property
mineral rights
water rights - sitting water and flowing water
what are easements
it is the right of a real property owner to temporarily use part of the real property belonging to another owner, for a specific purpose
- usually right-of-way and encroachments
right-of-way
this gives the person the right to cross another persons real property
- it is common in rural areas and cottage country
- you need the other persons permission in writing
- easement agreement or right-of-way is registered as a notice of interest in land on the other persons title known as a caveat
what is a caveat (notice of interest in land)
this notice would be given to the person whose land will be crossed
- easement agreements or encroachment agreements are registered as caveats on the other persons title
right of wat by prescription
created by law when persons have undisputedly used a right of way uninterrupted for 20 years
- does not have to be the same person throughout 20 years
- users of the right of way must proved that the registered owner of the real property knew of the use, but did not stop it from occurring
encroachment
- exists when someones real property rests or overhangs another’s real property (ex. fences, structures, eaves of garages overhaning on to their neighbours property line)
- owners who is doing the encroaching needs permission from the owner of the other real property in writing
- if permission is not granted, owner with the encroachment on their property can demand the encroachment, removed the encroachment themselves or ask for compensation
encroachment on public property
owner whose property is encroaching may seek a license from the public authority to permit the encroachments to continue
- requires a nominal annual fee
