Property Law Flashcards
Name 2 types of property:
- Real property: land - this includes fixtures and structures on the land
- Personal property: anything other than land - can be tangible (“chattels”) and intangible
Define tangible and intangible:
> Tangible: has a physical form
> Intangible: does not have a physical form
Describe real property:
> Land or “real estate”
When land is bought or sold it includes:
(a) structures on the land; and
(b) fixtures (but not chattels unless specifically written into the contract)
> Fixtures = personal property that is “permanently” attached to the land or structures on the land.
How to differentiate between a fixture and a chattel:
> Test the degree of attachment.
The greater extent to which an item is attached, the more likely it is a fixture - if it were to cause damage to remove it, it is a fixture (e.g. carpet that is stapled/glued, or a chandelier that is bolted to the ceiling)
2 examples of a chattel:
- Area rug
- Appliances
> The seller must remove all chattels upon moving, unless it is written into a contract as part of the sale
What do you receive from the Land Titles Office upon purchase of land, and registration with the provincial government?
Land Title Certificate
What is written on the Land Title Certificate?
> Who owns the land
How the land is owned
Whether other persons have an interest in the land
What is the legal land description?
> The way in which land is identified under Alberta’s land registration system.
Land that has not been subdivided (e.g. rural land) is legally described according to its geographical location: by its meridian, range, township, section, and quarter-section.
Land that has been subdivided (e.g. land within a city or town) is legally described by plan number, block number, and lot number.
What is the phrase that indicates that the title to the land includes the surface rights to the land only - not the mineral rights?
“Excepting thereout all mines and minerals.”
What is fee simple?
> The closest thing to absolute ownership of land by individuals is the fee simple estate.
The fee simple estate owner can use the land as he or she chooses (subject to government limits, such as zoning or bylaw restrictions).
And they can dispose of (sell, mortgage, lease, give away) the land as they see fit.
Name and describe the 2 types of tenancy:
- Joint tenants:
> A form of co-ownership of land.
> Co-own the land as a whole.
> Includes rights of survivorship, which means that if one of the joint tenant dies, the remaining joint tenant automatically owns the property.
> Joint tenancy trumps Wills and Estates law. - Tenancy-in-common:
> A form of co-ownership of land.
> Each tenant-in-common owns a separate share of the land.
> If one of the tenants-in-common dies, their share of the land would become part of their estate and would be passed on to their beneficiaries.
Define easement:
> A right permitting the use of another person’s land for a specific purpose, such as the right-of-way across the land to maintain utility lines or for the passage of pedestrians or vehicles.
Define restrictive covenant:
> A contractual restriction on the use of the land.
Some restrictive covenants relate to a building scheme and may outline restrictions such as the types of fencing, roof, or exterior paint colours that are allowable in that development area.
Define a mortgage:
> A contract between a borrower of money (mortgagor) and a lender of money (mortgagee) in which the borrower’s land is pledged as security for the loan.
Define foreclosure:
> When the bank uses your house for collateral on a mortgage, and will take it back if you do not pay.
