Module 3: Residential Properties Flashcards
Bungalow
Living area contained to 1 floor
Bungalows require larger
lot size
Ranch style bungalows
larger overall size, attached garage and basement
Bi-level/Split Entrance bugalow
Basement above grad
One and 1/2 storey
60% of overall floor area on the main floor, high pitched roof, provides for additional living space
Duplex structure ownership
the structure is under one title while the two units is under two
One and 1/2 storey has reduced
ceiling heigh clearance on the second floor
Split level provides for
max amount of living area w/o maintenance of a large lot
One and 1/2 storey is characterized by
a slanted roof, sloped ceilings and possibly dormer windows
Fee simple interest in a property is also known as
freehold ownership/estate
Acronym to remember bundle of rights for fee simple
Sell Lease Use Do nothing after purchasing Give away (in the settlement of an estate) Enter the property
Right to lease is subject to
Residential tenancies act
Expropriation
Exercising the right of eminent domain
Exercising the right of eminent domain
Government’s right to take away private property from an owner for the public in exchange for price
Right to regulate
right of the gov. to regulate property
Police power
right to regulate
Zoning bylaws, building codes are
based on right to regulate
Ontario generates revenue by charging taxes to owners
based on their property’s value
Tax requirements are a
material fact
Escheat Act’s impact on a SP
Selling a property on behalf of the public trustee
Escheat Act pertains to
properties where the owner died w.o a heier
Private limitations
placed on a property by a landowner (run with the land)
Restrictive covenants
limitation placed on the use of a property that is registered on title
Restrictive covenant is between
2 land owners (Covenantee - acquires right to restrain & covenantor)
Two categories of concurrent ownership
TIC & JT
For unities for JT
Posession
Interest
Time
Title
A condo can either be
freehold (owned by the condo corp - most popular) or leasehold
Proportionate share of the common elements for each unit is identified in the
declaration
Owners of condos have 30 days to
requisition a meeting to challenge new rules
Each owner a CEC must own
a freehold parcel of tied land
Condo board of directors propose
changes to condo bylaws and enact rules
Condo board of directors are appted by
Condo owners who are members of the condo corp
Ownership in a equity co-operative
purchase of share capital in the property allows the owner to use/occupy it
Buyers of a co-operative buy shares in the corporation and are given
only the right to occupy
Monthly charge for a co-op equity is
monthly maintenance fee and a share of the property tax
Co-ownerships may require
a occupancy agreement bc it is a fractional interest in a property
Life lease owners are refferred to as
occupants rather than owners
Life lease monthly charges
lump sum up front followed by monthly maintenance fees
Terms for land lease communities can be leased for
20 to 99 years
Land lease homes are regulated under
the RTA
Amount paid for land lease homes is calculated based on
lot size, location & view
