Chapter 4 Flashcards
Deed
Mean legal documents
Common law
Land title act has
Abolished the common-law doctrine in BC
Three requirements for the BC tour system of registration
Must be a good faith purchaser
Must have paid fair market value for the house
Must have registered the title and land title office
Indefeasibility principle
Guarantees a fee simple purchaser in good faith is not required to investigate how the owner got his title and protect by the land title and is protected by our land title system
Which of the following is an accurate statement about the principle of Indefeasibility
The principal of Indefeasibility operates on the basis at the register owner on the title conclusive evidence of the person entitled to the fee simple estate
Commercial lease
Lease were tenants have lived for three years or less
Which of the following is not an exception to the principle of the Indefeasible under the BC Torrens system of the land registration
Registered MORTGAGE where the register mortgagee affects registration by fraud
Abolition of notice
Does not protect producer who participated in fraud
Which of the following statements about the common-law doctrine of notices faults
The doctrine is the basis of the BC Torrens system.
The abolished of the doctrine of noticed by land title act to the subject exception of
Fraud
Assurance Principle
Lost in land
Cannot recovered
Result of the principal of Indefeasibility (if land title act had not been passed)
Certificate of pending litigation (CPL)
A notice of a pending court action registered against the title preventing dealing with respect to the property
Builders liens
45 days to file lien
Protection from builders lien
Whole bag is 10% of the price you have to have to pay until 55 days after the project has completed.
Individuals purchasing straw lot from us from the owner developer hold back 7% of the gross purchase of 55%
Form A
Is a fee simple title
Which of the following document is used to transfer a fee simple title in the land title office from the seller to the buyer
Form A freehold transfer
Or Property taxes
Title Insurance
Title insurance has become common in British Columbia even though BC is a Torren jurisdiction
Which of the following is false for respect to title insurance in BC
Title insurance has no importance in BC due to the Indefeasibility principle
Which of the following is true with respect to title insurance in BC
- Tends to cost less than a survey of a property.
- May be required by a lender as a condition of approving a mortgage application.
- Can provide coverage for many aspects of the land that do not involve the Torren system
The deckle is not equivalent to certificate of title
But it’s a proof of registration under the manufactured home act
Transport permit
Register
Only valid 30 days
Pay the taxes.
Which the fire Station is regarding a manufactured home registration is faults
If an owner discovers that his or her manufactured home is not registered he or she must register the home within 30 days of discovery
