Chapter 4 Flashcards
What is a caveat?
a notice registered against the title to land warning those looking at the title that a claim with respect to an estate or interest in that land has been made.
A ___ is an individual or business entity in whose name the property subject to the trust is held.
trustee
What is a deed?
a document used to transfer land from one party to another
What is a builders lien?
a claim registered against the title to land by a contractor, supplier of materials or workman with respect to work done or materials supplied to improve land.
What is a certificate of pending litigation and what is its purpose?
A notice of a pending court action registered against the title to property. Its purpose is to warn all persons that the title to the property is in litigation and to prevent dealings with respect to property.
Define the legal principle of indefeasibility
in BC the Title Register is conclusive evidence that the person named as holding an estate in land is in fact entitled to that interest, and his holding is not subject to any condition/encumbrance other than those on the Title Register
Define the Torrens land registration system
A system for registration of the actual title of land in order to provide security to those holding interests in land and to remove the need for retrospective investigation of titles to land
In order to move a manufactured home, the Manufactured Home Act requires that the home be ___ and a ____ permit is obtained from the register
registered
transport
What is the assurance fund and who was it established by?
established by the BC provincial government to compensate any person who is deprived of land because of the operation of the Land Title Act in certain cases where fraud has been committed, a mistake has been made, or an improper act has been performed by the Registrar of Titles or his/her employees
