1.4 - Title Registration Flashcards
what is a deed?
any document under seal (conveyance)
what is a void deed?
deed that looks valid but is not.
forged/illegal/non-est factum
what system of land registration is used in BC?
Torrens
what is the Torrens system of land registration?
makes sure land title is registered to provide security to people holding interests in land
what are the 4 main aspects of the Torrens system?
- indefeasibility principle (if named on title, ur good)
- effect of registration (has to be registered to be legit)
- abolition of notice
- assurance principle
what is the indefeasibility principle?
purchaser on the TITLE is entitled to that fee simple estate
*doesn’t extend to charges on property or if obtained by fraud
what is the effect of registration (Torrens)
title has to be registered to be legit. whatever is registered first is the legit.
what is abolition of notice (Torrens)?
purchaser only needs to be concerned with interests contained on the register
*doesn’t protect purchaser who participates in fraud
what is the assurance principle (Torrens)?
protests parties who lost interest in land as a result of indefeasibility principle and can’t recover it by a court action
what are some exemptions to principle of indefeasibility?
- crown land
- taxes
- BC Hydro/power right of way
- municipal charges
- highways/easements
- fraud
- caveats, builders liens
if tenant lived in lease for 3 years or less, is indefeasibility principle excepted?
yes
what is a caveat? how long does it last?
a registered charge against title by a person claiming an interest in that land, remains on charge for 2 months
what is a certificate of pending litigation?
notice to anyone searching title that a court action has been commenced concerning the property (I.e. unpaid mortgage)
what is a ‘charge’?
an estate or interest in land less than a fee simple that can be registered under the land title act (all encumbrances)
what is an encumbrance?
lien/mortgage/claim to land less than fee simple that burdens (encumbers) title to property against which it is registered
how long does a claimant have to file a builder’s lien? how long does it last?
45 days after trigger date to file, lasts for 1 year
what is a notation of trust?
when property is not registered in the name of beneficial owner
trustee holds the property IN TRUST
wear are the 3 documents needed to transfer legal title to transfer legal title from a seller to buyer?
freehold transfer form (“Form A”)
property transfer tax
charges (i.e. mortgage, easements, heritage designation)
what is title insurance?
covers risk of forged deed, boundaries, zoning & other aspects of land
has become common in BC because costs less than survey
may be required by lender to approve mortgage
does indefeasibility or assurance fund apply to manufactured homes? why?
no because they have NO TITLE, only registered ownership
how are manufactured homes registered?
they have 2 decals, good for lifetime of home, affixed within manufactured home
how long are transport permits valid for & what do they allow?
30 days, allow movement of manufactured home to 1 specified location
