Real Property, Interests in Land

Question 1

3 ways that ownership is distinct from the right of possession?

Answer 1

1. ownership with possession
2. ownership without possession
3. possession without ownership

Question 2

whats apart of Real Property?

Answer 2

Land, anything permanently attached to it
Traditional View: “Giant Carrot” principle, or “funnel theory”
Mineral rights usually seperate

Question 3

Estate in Land and the 3 types

Answer 3

Estates in Land: the right of exclusive possession to land for a period of time
3 types: fee simple, life estate, leasehold estates

Question 4

Fee Simple

Answer 4

largest package of rights in land
the right to use and sell land subject only to local restrictions

Question 5

Life Estate

Answer 5

Exclusive possession of property for the duration of a particular life (tenant or even someone else)
- upon death, property reverts back to original owner (Revisionary Interest)
-or owner can specify property reverting back to another person (Remainder interest)

Question 6

Leasehold Estates

Answer 6

right of exclussive possession , property leased to a tenant for a definite period of time
-may be single term or automatic renewal

Question 7

Joint Tenancy

Answer 7

-2 or more people own entire property (undivided interest)
-interest always equal
-Right of survivorship, cant put in will
-requires alot of cooperation between owners
-divorse DOESNT severe

Question 8

Tenancy in Common

Answer 8

-2 or more people own an undivided interest in property (doesnt have to be equal percentage)
-no right of survivorship, call put in will
-can sell your interest without concent of others

Question 9

if not stated if Tenancy in Common or Joint Tenancy, which one will the law assume?

Answer 9

Tenancy in Common

Question 10

When to use Joint or Tenancy in common?

Answer 10

Joint: more personal
tenancy: business relationship

Question 11

Easement

Answer 11

-lessor interest in land
-incumbrance
-run with the land
-right of way
-negative or positive
-dominant tenement
-servient tenement
-statutory easements

Question 12

License

Answer 12

-not an interest in land
- cant be registered against title
-permission to use anothers land
-doesnt run with the land

Question 13

Restrictive covenants

Answer 13

-restrictions on how land can be used
-runs with the land
-used in building schemes
-more forced than a negative easement (negative easement can be negotiated)

Question 14

Prescription

Answer 14

-right to land aquired by extended use without secrecy and without obligation, landowner must excersize control periodically
-entering into easement without knowing
can apply for an incumberance against title
-no more available

Question 15

Adverse Possession

Answer 15

-squatters rights
-a right to actual land possession through long term use tolerated by a legal owner (10 years or more)
-becomes registered against title

Question 16

Agreement of purchase and sale

Answer 16

aka: Interim Agreement
step 1: details of sale, if condition precedant (approved financing)
step 2: land titles document need to be signed by all- then register it

Question 17

Land Titles

Answer 17

-are the truth
-purchaser not bound by any missing incumberances
-“innocent Purchaser”

Question 18

Land Titles System

Answer 18

-Central registry prepares a “certificate of Title”
-Gov. guarantees Title is accurate
-Certificate to Title determines the interest of the parties listed to the land
-if error on title (human error) they have assurance fund
-date of registration is critical

Question 19

Equity of Redemption

Answer 19

Right of debtor to redeem property even after default (pay off whats owed)

Question 20

Foreclosure Steps

Answer 20

1. Mortagee applies to court for preliminary order of foreclosure, setting time limit for redeeming mortgage
2. If no payment by expiry date, mortgagee seeks final order for foreclosure, getting right to title and possession

Question 21

Order for Judicial Sale

Answer 21

application of other creditors (i.e 2nd mortgagee) to have property sold before time expires

debtor may not have full time period to organize their affairs

property may be sold at first reasonable offer

Question 22

Order to acquiring property

Answer 22

1. Title Search
2. Joint or Tenancy in common?
3. Keep the title clean
4. set parameters on easement etc.
5. seek legal advise
6. stay away from 2nd mortgages
7. consider future development of area