Chapter 3 - What The Purchaser Buys Flashcards
An interest in land to be enjoyed during a persons life and which ends on that persons death is known as
A life estate
What is a life tenant liable for?
Yearly operation and payment of interest (not principle)
Burning a house down so that the remainder man or reversioner receives a property with significantly less value is known as?
Equitable Waste
Demolishing a separate garage on the property is known as what kind of waste?
Voluntary Waste
Failing go keep a house roof in good repair is known as what kind of waste
Permissive Waste
Constructing a deck in the backyard of a house is known as what kind of waste
Ameliorating Waste
Explain “without impeachment of waste”
A phrase which deems to excuse the life tenant for the three types of common law waste but not equitable waste
The people who are entitled to the fee simple estate once a life tenant dies are known as?
Remaindermen or reversioners
What are the remaindermen required to pay to keep their interest in land?
The principle amount owed
The right to use a neighbouring property in a specific way without possessing it for the benefit of the holders land is known as
An easement
Who does the easement benefit?
The dominant tenement
A Covenant restricting the use of the land of the covenantor for the benefit of the land belonging to the Covenantee is known as
A restricted covenant
A Restricted covenant must be negative in nature, explain negative
An owner must be able to comply with the restriction without having to do something
Example - a Restricted Covenant could not say an owner must paint their fence one a year
A set of restrictive covenants imposed on two or more lots within a particular subdivision is known as?
A Building Scheme
The right to enter onto the land of another person and take some profits from the land is known as?
Profits a Prendre
