M1U2S3 Flashcards
What is the function of a title?
The title provides proof of ownership as well as a record of all other interests in a particular piece of property
What is the purpose of a transfer in regard to a parcel of land?
A transfer is registered against a particular title to land and creates a new title to the land and results in the cancellation of a previous title
What are 4 types of information you can learn from reviewing a title?
- Legal description
- Applicable interests
- Owners name
- Title numbers
What is an interest?
An interest is any claim against the whole parcel of land or against an undivided interest in a parcel
What types of information can you learn from reviewing a mortgage statement?
The principal balance names of the lender and borrower, legal description of the property, rate of interest charged and compounding period, the term of the mortgage, the repayment amount, and lenders interest in the property
What is a caveat?
A statutory notice of a claim to an interest in a parcel of land, or to a mortgage, encumbrance, or lease that affects the land.
What is the impact of a registered judgement on the market value of a property?
Is dependant on the owner’s ability to have the judgement satisfied from the sale proceeds or the owner ability to otherwise negotiate a discharge
What is the purpose of the Personal Property Registry?
Keeps records of all personal property registered as security for a loan or collateral in Manitoba
What is a builders lien?
A statutory creation of the Builders Lien Act which provides a method for an individual to collect money due for work done or material supplied to a building site
What does expropriation involve?
The transerfer of land or of any interest in land to an expropriating authority for the greater public interest, with faiur compensation going to the owner.
