Conveyancing Flashcards
*** Parcel Identifier (PID)
For Land Title Office registration and identification purposes, a computer referral nine-digit number assigned to each parcel of land in B.C. The parcel identifier becomes part of the legal description of the property. commonly referred to as PID.
** Unit Entitlement **
The basis upon which an owners share of common area expenses is determined. (Each owners share in the common property, common facilities) It is calculated by the unit entitlement of your strata lot over the unit entitlement of all strata lots.
*** Survey Certificate
Survey Certificate is a certificate prepared by a BC Land Surveyor that locates the position of the House in relationship to the Lot lines. This is used in BC sometimes to satisfy the Lender that the property they are loaning against does not have any issues respecting encroachments into the adjoining property and is similar to a Real Property Report.
*** Non-resident Clearance Certificate
It is a certificate that a non-resident recieves to state that they have paid taxes on the property that they have sold.
If this certificate has not been issued we have to Holdback of 25% of the gross sale proceeds
Caveat
Notice to the public that someone is claiming an interest in the land that is the subject of the caveat. A caveat prevents the Regstrar from accepting dues to change the title to the property including transfers, mortgages until caveat expires or is removed.
-A purchaser buying property to where a caveat is registered against title will be gain title unless willing to take title subject to a caveat.
E- Filing
Electronic filing is an optional method of filing documents in the LTO electronically rather than paper form.
Signatures of the parties are represented and certified by digital signature of a lawyer or notary.
The electronically filled document is deemed the original and the originally signed document held by lawyer or notary is the true copy Part 10.1 of LTA.
Digital Signature
Private key that is controlled and affixed by the subscriber. It is affixed to electronic application under the Land Title Act. The law society receives applications from lawyers and notaries for digital signatures, the company is called Juricert.
Property Transfer Tax
Tax that is paid in British Columbia when real estate is transferred from one owner to another 1% on the first $200,000, 2% on balance. First time home buyers exempt up to $475,000 partial exemption up to $500,000.
*** Property Transfer Tax (PTT)
Tax that is paid to the government when Property in BC is transferred. This is paid by the transferee:
the calculation is 1% on the first 200,000 and 2% on the rest.
There are some exemptions or discounts from PTT:
- First time home owner - 475,000 for full discount no more than 500,000
- Survivorship
- Recreational residence transferred to family
- Primary residence transferred to family
Life Estate
An estate in land for the life of a person who is called a life tenant. The life tenant has the right to sell their interest, as well as use and occupy the property during their lifetime and are entitled to profits from the land. However, the life tenant has a responsibility to not create waste, to pay for any interest on encumbrances but not the principle and to pay yearly operating expenses like utilities and taxes.
Inter Alia
On title searches: On more than one property
(usually for new builders)
- Amongst others
- When a lender, for example, takes security over more than one property, the Mortgage would be “inter alia” over both properties.
Doctrine of Merger
A contract of purchase and sale of land is merged out by registration of the Form A transfer, and payment of the money to the seller.
- In practice the doctrine of merger is removed in order for it to survive past completion allowing the parties to refer to it and sue after registration and performance if need be.
Closed Mortgage
A restriction on a borrower to repay mortgage money before the agreed on due date. A closed mortgage provides that a borrower cannot repay the debt until the maturity date.
Engagement Letter
Sets out limits of services a notary or lawyer provides to the client in any given transaction. In a conveyance the notary provides the client with an engagement letter setting out matters the notary will look after and matters the notary will not for the client.
Effectiveness depends when it is provided to the client. The earlier it is provided the more effective it is in protecting the notary from claims made by clients.
How does a fee simple estate differ from land on reserve? Explain fully the difference in the land registry systems.
First Nations land registry system
- Title to most reserve land is registered under the Federal Indian land Registry System(ILRS). THE ILRS provides for the recording of reserve land interests and the filing of plans and encumbrances.
- Unlike the BC land registration system, there is no assurance as to title to land or interest in land.
- There is no requirement to register interest in land.
- There is no assurance to priority of interest.
Land Title Office ( for all other land in BC)
- All titles must be registered to guarantee interest in land. Including fee simple interest, charges on land, easements, restrictive covenants etc.
- There is an assurance fund applies to those who have lost their property, who at common law would have had a recourse but don’t because of our Land title system.
- There is indefeasibility of title. Upon registration, the registered owner of the property is the owner. SIMPLE
*** Easement
A benefit of one parcel over an adjacent parcel of land.
Usually for access purposes an owner will allow an adjacent owner to cross one lot to get to the next lot.
