Chapter 4 Key Terms & Definitions Flashcards
Building scheme
A group of restrictive covenants registered against several properties in a development plant that is binding on all purchasers of a property within that development
Chattel
Personal property, movable property, and other property not deemed to be fixtures
Condominium
The whole collection of individual home units along with the land on which they sit. Individual unit ownership is composed only of the air-space within the boundaries of the unit, as defined by a document known as a Declaration, filed on record with a local governing authority.
Dominant tenement
A property receiving a benefit
Easement
A right for the benefit of the dominant tenement over that of the servient tenement that is normally registered on title. Easements have several legal requirements and will “run with the land,” or are passed from owner to owner.
Encumbrance
An interest in property that has the effect of limiting the rights of fee simple ownership of real property. Typical encumbrances are mortgages, easements, and restrictive covenants.
Fee simple estate
The most common form of ownership in Ontario and provides the holder with the widest breadth of rights available. Fee refers to the fact that the estate may be inherited while simple refers to the fact that there are no prohibitions against who may inherit it.
The owner of this estate is in control of the real property for as long as he or she has it, subject to paying the property taxes and other municipal obligations. This individual may transfers his or her interest in the property during his or her lifetime or dictate who will inherit the fee simple interest upon his or her death, mortgage the interest, and so on.
Joint tenancy
A type of co-ownership of real property whereby all owners own an undivided interest in the property. This is most commonly used for spousal ownership of a matrimonial home.
Judgment
A final court ruling resolving the key questions in a lawsuit and determining the rights and obligations of the opposing parties, such as the awarding of monies to an injured party. Judgments are included in the public records section of credit reports and will normally have a negative impact on credit scores and a person’s ability to obtain credit.
Leasehold estate
An interest in land created by a landlord and tenant, most commonly by a lease. This interest in land is created for a fixed period of time, such as a month, year, or more. There is no limit on the time that a leasehold estate may be in effect. A leasehold estate provides the owner of this estate the right to exclusive use and possession of the property, subject to contractual limits contained in the terms of the lease.
Lien
Security against a property, either real or personal, for a debt.
Personal property
Everything one owns that is not real property. That includes chattels and other goods. Personal property is not typically fixed in its location and normally has a shorter useful life expectancy than real property.
Real property
Land and everything affixed to it. It is in a fixed location and is permanent, remaining, to one extent or another, long after the current owners have relinquished their rights to it.
Restrictive covenant
A restriction of use placed on the title of the servient tenement or the benefit of the dominant tenement
Runs with the land
Means that an interest in property, such as an easement or restrictive covenant, is transferred from owner to owner
