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Real Property > Module 2 Manitoba Land Titles > Flashcards

Module 2 Manitoba Land Titles Flashcards

1
Q

What is teranet Manitoba

A

Service provider that operates and manages the Manitoba land titles system

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2
Q

What does the Manitoba land tiles office do

A

Deals with the registration of documents that affect interests in land
-transfers, mortgages, liens, discharges, encumbrances

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3
Q

Types of real property land descriptions

A
  1. Civic description
  2. Legal description
  3. Metes and bounds description
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4
Q

What is civic description

A

Street address of a property

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5
Q

What is the legal description

A
  • geographical description
  • used to formally describe that same property, different descriptions for rural and urban properties
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6
Q

What is metes and bounds legal description mean

A

Parcels of land described by distances, angles, degrees and directions
- used to describe an irregularly shaped parcel resulting from a subdivision or expropriation

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7
Q

How is Manitoba land divisions divided

A

Into a grid

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8
Q

What is the centre grid line called

A

Principal meridian

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9
Q

What is a township

A

Numbered starting at the southern border of province and going up north

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10
Q

What is a range

A

Numbered starting at the principal meridian and going east or west

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11
Q

What are sections

A

Within each square there are 36 sections of land, numbered starting in the SE corner and going left to right and from the bottom going up

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12
Q

What does the typical rural legal description have

A

It will:
- designate the section number
- the numbered township
- the numbered range
-east or west of the principal meridian

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13
Q

How is property in Manitoba legally described

A

Lot- smallest unit
Block - next largest unit
Plan - of subdivision
Parish - catholic parish which historically described an area
River lot- elongated lots which run parallel to each other along the river

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14
Q

What is a title search?

A

Type of legal search that can be preformed with physical forms or online at land titles online, allows you to search, order, view, print, and download titles, plan and/or instruments noted on title

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15
Q

What is a instrument

A

Any form of legal document

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16
Q

What are encumbrances

A

Claim against real property registered on title

17
Q

To preform title search, you can search by:

A

Title number
Personal name
Business name
Lot, block, plan
Parish
Township
Condominium unit

18
Q

How to you preform title search if you have no info

A

With civic address

19
Q

Tax searches from civic addresses will give you the following:

A

Legal description of the property
Net amount of current taxes
Amount of any arrears
Amount of any tipp

20
Q

What is a mortgage

A

A mortgage is an instrument that may be registered on title
- loan from a financial institution to buy property or land

21
Q

What is standard charge mortgage terms

A

Provided when a mortgage is obtained, outlines all terms and conditions pertaining to borrowing money to purchase land or property

22
Q

What is maturity date

A

If the mortgage is not paid then the mortgagor must renew the mortgage

23
Q

What is amortization period

A

The length of time it would take the mortgagor to relay the entire mortgage

24
Q

What is interest rate

A

Percentage charged for the use of borrowed money

25
Q

What is maturity date

A

Final date of the term of a mortgage

26
Q

What is equity

A

The difference between the value of property and the total amount of charges charged against it

27
Q

What is conventional mortgage

A

Buyer has 20% for down payment
Lender loans 80% of the mortgage
Does not need mortgage loan insurance

28
Q

What is insured mortgage

A

Buyers down payment is less than 20%
Down payment of at least 5% is required
Mortgage loan insurance is required to protect the lender
Buyer pays premium to obtain the mortgage loan insurance

29
Q

What the the amount of premium depend on

A

Amount of down payment

30
Q

Define assumed mortgage

A

allows someone to assume someone else’s mortgage and their property
Mortgage must approve the purchaser as the new mortgagor

Real Property (5 decks)

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