Module 3 Flashcards
Fee simple
Person owns the property and has all of the associated rights
Highest estate/absolute right in real property
Leasehold
Only the right to use and occupy a building
Interest in land for finite time period
Air rights
Rights to use the air above the physical surface of land.
Surface rights
Any rights to the land other than mining
Riparian rights
Only applies when there’s water front - right to access/use the water that abuts the property
Mineral rights
Right to mine the land.
Sold/reserved by the Crown.
Concurrent tenancy
More than one person has ownership.
Primary types: Joint tenancy and tenancy in commons.
Joint tenancy
4 unities must be present: PITT
Gain POSSESSION at the same TIME
Both have an INTEREST and both are on TITLE
When one person in joint tenancy dies, there are rights of survivorship (the property goes to the living person)
Tenants in commons
Only one unity - possession
No rights of survivorship - treated like an asset when one person dies (goes to their estate - aka in their will)
Condominium ownership
fee simple ownership of unit
tenant in common ownership of common elements
CEC (common elements condo)
Consists only of common elements
No unit, owners enjoy common elements
Each person has an owner interest in their own property and an undivided interest in the common elements
The owners property that is tied to the common elements is called a POTL (Parcel of Tied Land)
Equity Co-operative
Property is owned by a corporation
Individuals own shares of the corporation, occupy specific unit. The buyers shares give them exclusive access to the unit
Not considered real property, beause the owner doesn’t actually own the unit, they own shares in the corporation that owns the property.
Non-profit Co-operative
No shares - individuals pay rent to the corporation that owns the property.
Likely government assisted housing.
Fractional ownership
You buy a property with multiple other people as tenants in common
Usage rights depend on how much (what fraction) you own (your fractional interest)
Popular with vacation properties
Co-ownership
tenants in common alternative, in which in the deed it outlines the proportion of the property each person owns.
doesn’t need to be equally divided.
Land lease
Exclusive right to use the land for the allocated time of the lease.
Key example: homes on the Toronto Island. You’re leasing the land from the Crown, you do not own it.
Life lease
Lump sum payment upfront + monthly maintenance payments.
Person has the right to use the property, but doesn’t own it.
Timeshare - fee ownership interest
Right to use a specific unit for a specified time period each year. Ownership doesn’t end after the year - it continues until sold/included in will.
Timeshare - right to use interest
No property owner rights
Ends after a specified time
May include options like fixed (use it specific days/weeks of the year), floating (use it for a certain amount of time, but not pre-determined when), rotational (fixed and floating), or points-based system.
Timeshare facts
Must be in writing
10 day cooling off period after signed
Cancel cancel within first year if they don’t receive a copy
Mobile home
Covered under Residential Tenancies Act
Even if the person owns the actual mobile home, they are renting the land
Agreement must include manufacturer, model and serial number, site location.
Landlord must use standard lease form, provide copy within 21 days.
Houseboats - residential
Harboured/static.
Cannot operate on the water(no propulsion)
Need to ensure rights of dockage, access to utility hookups, access to marina.
Similar to land lease.
Houseboat - recreational
Need Marine Operators Permit
Need to ensure rights of dockage, access to utility hookups, access to marina.
Similar to land lease.
Easement
Right enjoyed by one land owner over another - only used for special purposes, not general.
Registered against title of both properties.
Easements characteristics (6)
- must be for specific use
- there is a dominant and a servient tenement (unless created by statute)
- must be two different individuals (dominant and servient properties can’t be owned by same person)
- sole benefit (to dominant)
- transferable (runs with land, so even with the land sells, easement still exists)
- adjoining or non-adjoining (can be either)
Easement creation - express grant
One owner gives right to the other owner for the specific use
Easement creation - prescription
individual can obtain easement by adverse possession (depends on circumstance, must be for certain amount of time)
Easement creation - implication
created to avoid detrimental effects or inconvenience of adjoining property.
Easement creation - statute
Minister may grant easement.
Doesn’t require dominant tenement.
Easement termination x3
Merge: properties are both bought by one owner
Release: dominent tenement releases servient tenement by removing easement from title
Ceasing of purpose: easement is no longer needed
Easement types (x3)
Right of way (allows dominant to travel through servient property) Party wall (similar to mutual easement) Mutual Shared driveway (shared by adjoining neighbours)
Restrictive covenant
Registered on title (run with the land) - restrictions regarding what you can do with the land.
Must be negative and reasonable in nature (e.g. must paint a certain colour, parking restrictions etc.)
Encroachment
Owner build something entirely or partly on their neighbours property.
Adverse possession
AKA squatters rights
Individual who is not the owner takes possession, without consent of owner.
Owner must be aware, minimum of 10 consecutive years of continuous use.
No titles claims can be made by adverse possession with the Land Titles Registry system (which is the system in place in ON).
Profit-a-prendre
Interest in land that gives the person the right to access the land (in writing) to take something
Government-legislated limitation: expropriation
Government acquires private property in best interest of the public, fairly compensates owners.
Government is exercising right of eminent domain.
Government-legislated limitation: right to regulate
Right to regulate property for the promotion of public safety.
AKA police powers.
Bylaws, zoning
Government-legislated limitation: right to levy taxes
Government levies tax on a property.
Real property tax
land transfer tax
Government-legislated limitation: Escheat
Property goes to government when someone dies and leaves no will/qualifying heir.
