Assignment 2 (Chapter 3 & 4) Flashcards
Joint Tenancy
A form of property ownership where all joint tenants have equal shares and rights, and upon death, the interest transfers to surviving tenants.
Tenants in Common
A form of property ownership where each owner has a distinct, separate share that does not automatically transfer upon death.
Life Estate Without Impeachment
A life estate where the life tenant is not liable for common law categories of waste but can still be liable for equitable waste.
Equitable Waste
Waste caused by the life tenant out of spite or malice, which the life tenant can still be held liable for, even if they have an estate without impeachment.
Land Title Act
A conveyance does not need to be registered to be enforceable between parties, but registration is needed for protection against third-party claims.
Good Faith Purchaser
A buyer who purchases property without knowledge of prior claims or issues, typically protected under the Land Title Act if they register their interest.
Building Scheme
A group of restrictive covenants attaching to multiple lots in a development, requiring equal application to all lots and the same seller for all buyers.
Restrictive Covenant
A legal obligation imposed in a deed by the seller upon the buyer to do or not do something in relation to the property.
Registration
Required for protection against third-party claims but not necessary to validate a conveyance between the parties to the transfer.
Fee Simple Interests
Interests in land that are indefinite in duration, freely transferable, and the most extensive interest one can have in land under common law.
Joint Tenancy vs. Tenants in Common
Joint tenancy allows equal shares and right of survivorship; selling a share severs the joint tenancy only for the seller’s portion.
Severance of Joint Tenancy
Occurs when one joint tenant sells or transfers their interest, converting that share to a tenancy in common with remaining joint tenants.
Easement
An interest in land owned by another that entitles its holder to a specific limited use or enjoyment, such as access to a lake.
Licence
A contractual right to enter or use someone else’s land for a specific purpose, but it is not an interest in land.
Fraudulent Transfer
A transfer of property obtained through deceit or false pretenses, which can be nullified, removing the fraudulent party from the title.
Assurance Fund
A fund established to compensate individuals who lose their interest in land due to errors or frauds in the land registration system.
Right of Survivorship
The right by which, upon the death of a joint tenant, the deceased’s interest automatically passes to the surviving joint tenants.
Severance of Joint Tenancy
Occurs when one joint tenant sells or transfers their interest, which converts that share into a tenancy in common with the remaining joint tenants.
Life Tenant
A person who has the right to use and occupy real estate for their lifetime but does not own the property outright.
Permissive Waste
Occurs when a life tenant fails to maintain the property, leading to its deterioration.
Voluntary Waste
Deliberate damage or changes made by the life tenant that can devalue or alter the property beyond normal wear and tear.
Unregistered Conveyance
A transfer of property that is not recorded in the land title office but is still enforceable between the original contracting parties.
Priority of Registered Interests
A principle under the Land Title Act where registered interests take priority over unregistered interests if there is a conflict.
Equal Application of Building Scheme
For a building scheme to be valid, the restrictions must apply equally to all lots in the development.
Original Seller Requirement
In a valid building scheme, all initial buyers must acquire their lots from the same seller to maintain the enforceability of the covenants.
Indefeasible Title
A title that cannot be challenged or voided, typically referring to fee simple interests that are registered and protected against claims.
Trust Notations on Title
Trusts can be noted on the certificate of title, indicating a fiduciary relationship regarding the property.
Actual Occupation
Refers to the physical presence on and use of the property, which can impact the enforceability of unregistered leases under certain conditions.
Permission to Dispose of Interest
In a joint tenancy, a joint tenant can freely dispose of their interest without needing permission from the other joint tenants.
Impact of Selling Joint Tenancy Interest
Selling a joint tenancy interest converts the sold share into a tenancy in common while the remaining shares continue as a joint tenancy.
Leasehold Interest
An interest in land for a specific term or period, typically less than a freehold estate, such as a lease or life estate.
Remainder Interest
A future interest in property that becomes possessory when a life estate or other prior estate terminates.
Estate Pur Autre Vie
A life estate measured by the life of someone other than the life tenant.
Forged Transfer
A fraudulent document transferring property ownership without the true owner’s consent, which can be nullified in court.
Impact on Mortgage Validity
A mortgage obtained by fraud is not valid, and the lender cannot enforce it if the underlying transfer is voided due to fraud.
Restoration of Title
The process of restoring the true owner’s title to the property when it has been fraudulently transferred.
Unity of Title
One of the four unities required for joint tenancy, meaning all joint tenants acquire their interest through the same document.
Unity of Time
One of the four unities required for joint tenancy, meaning all joint tenants acquire their interest at the same time.
Unity of Interest
One of the four unities required for joint tenancy, meaning all joint tenants have equal and identical interests in the property.
Impeachment for Waste
Refers to the liability of a life tenant for waste, meaning they must not commit voluntary or permissive waste, except where specified otherwise.
Conveyance
The act of transferring ownership of property from one party to another.
Bona Fide Purchaser
A person who purchases property in good faith and for value, without notice of any other claims or defects in title.
Registered Land Title
The official record of ownership of a property, maintained by the land title office, which includes all registered interests and encumbrances.
Subdivision Plan
A plan that divides a large piece of land into smaller lots, often including provisions like building schemes or covenants to maintain certain standards.
Fee Simple Interests
Interests in land that are indefinite in duration, freely transferable, and the most extensive interest one can have in land under common law.
Indefeasible Title
A title that cannot be challenged or voided, typically referring to fee simple interests that are registered and protected against claims.
Trust Notations on Title
Trusts can be noted on the certificate of title, indicating a fiduciary relationship regarding the property.
Actual Occupation
Refers to the physical presence on and use of the property, which can impact the enforceability of unregistered leases under certain conditions.
Permission to Dispose of Interest
In a joint tenancy, a joint tenant can freely dispose of their interest without needing permission from the other joint tenants.
Impact of Selling Joint Tenancy Interest
Selling a joint tenancy interest converts the sold share into a tenancy in common while the remaining shares continue as a joint tenancy.
Leasehold Interest
An interest in land for a specific term or period, typically less than a freehold estate, such as a lease or life estate.
Remainder Interest
A future interest in property that becomes possessory when a life estate or other prior estate terminates.
Estate Pur Autre Vie
A life estate measured by the life of someone other than the life tenant.
Impact on Mortgage Validity
A mortgage obtained by fraud is not valid, and the lender cannot enforce it if the underlying transfer is voided due to fraud.
Restoration of Title
The process of restoring the true owner’s title to the property when it has been fraudulently transferred.
