1.2 - Estates and Interests in Land Flashcards
Estates and Interests in Land
what are the 2 types of crown land?
freehold & leasehold
what is freehold land?
do as you wish
lifetime ownership
can be inherited
what is leasehold land?
includes First Nations land
city owned and federal land
what are the rights of a life estate?
to use and occupy
to receive revenue
what are the obligations of the life estate?
yearly operational expenses
waste
paying interest on the mortgage (not principal or insurance premiums)
what is estate pur autre vie?
Lives in house that is left to someone in will, but has to vacate when that person dies
what are the 3 common law wastes & what is the 4th category of waste?
voluntary
permissive
ameliorating
equitable
what is voluntary waste?
direct, positive acts that result in damage to property beyond the use to which a life tenant is entitled. life tenant liable to remainderman/reversioner for this waste. I.e. demolishing separate garage on property
what is permissive waste?
allowing property to deteriorate
no obligation to repair/compensate for permissive waste (i.e. not maintaining roof, letting it deteriorate)
what is ameliorating waste?
direct, positive acts that improve the property. life tenant is liable, but no damages usually awarded bc property is improved. (i.e. constructing a deck)
what is equitable waste?
destroying the property (burning the house down)
What is the penalty for waste?
usually states that not liable for common law waste (VPA), but liable for equitable waste
what is a fixture?
affixed to enhance the land
goes with the land
will belong to the purchaser
ex: tree
what is a chattel
affixed for enjoyment of the item
excluded from the purchase price and can be removed
remain the personal property of the seller
ex: chandelier
do you own air space, subsurface, or water rights of property?
air - yes
subsurface (claims to mined materials) - no
water rights - no