Module 2 Manitoba Land Titles Flashcards
What is teranet Manitoba
Service provider that operates and manages the Manitoba land titles system
What does the Manitoba land tiles office do
Deals with the registration of documents that affect interests in land
-transfers, mortgages, liens, discharges, encumbrances
Types of real property land descriptions
- Civic description
- Legal description
- Metes and bounds description
What is civic description
Street address of a property
What is the legal description
- geographical description
- used to formally describe that same property, different descriptions for rural and urban properties
What is metes and bounds legal description mean
Parcels of land described by distances, angles, degrees and directions
- used to describe an irregularly shaped parcel resulting from a subdivision or expropriation
How is Manitoba land divisions divided
Into a grid
What is the centre grid line called
Principal meridian
What is a township
Numbered starting at the southern border of province and going up north
What is a range
Numbered starting at the principal meridian and going east or west
What are sections
Within each square there are 36 sections of land, numbered starting in the SE corner and going left to right and from the bottom going up
What does the typical rural legal description have
It will:
- designate the section number
- the numbered township
- the numbered range
-east or west of the principal meridian
How is property in Manitoba legally described
Lot- smallest unit
Block - next largest unit
Plan - of subdivision
Parish - catholic parish which historically described an area
River lot- elongated lots which run parallel to each other along the river
What is a title search?
Type of legal search that can be preformed with physical forms or online at land titles online, allows you to search, order, view, print, and download titles, plan and/or instruments noted on title
What is a instrument
Any form of legal document
What are encumbrances
Claim against real property registered on title
To preform title search, you can search by:
Title number
Personal name
Business name
Lot, block, plan
Parish
Township
Condominium unit
How to you preform title search if you have no info
With civic address
Tax searches from civic addresses will give you the following:
Legal description of the property
Net amount of current taxes
Amount of any arrears
Amount of any tipp
What is a mortgage
A mortgage is an instrument that may be registered on title
- loan from a financial institution to buy property or land
What is standard charge mortgage terms
Provided when a mortgage is obtained, outlines all terms and conditions pertaining to borrowing money to purchase land or property
What is maturity date
If the mortgage is not paid then the mortgagor must renew the mortgage
What is amortization period
The length of time it would take the mortgagor to relay the entire mortgage
What is interest rate
Percentage charged for the use of borrowed money
