Unit 7-1: Real property Flashcards
Land
Physical ground and space above the ground that is useable
Raw or unimproved
Real property
land, real estate, property rights
tangible attributes of land and real estate combined w/ intangible rights of ownership
Quebec
Civil code used instead of real property laws
Real property legislation
law and civil rights within each province’s jurisdiction so changes
Characteristics of land
Durable: land cannot be destroyed; use may change
Rigid: after developed/improved it’s not economical to relocate improvements to other land
Immobile: land cannot be moved
Unique: each parcel varies in some way
Scarce: physical supply of land is fixed; finite resource
Fixtures
Buildings, garage, shed, fences etc
Moveable items
Not securely fixed to the land or buildings
Furnishings, appliances
Called personal property, chattels
Mortgaged premises
Security for loan in the mortgage doc; physical land and everything that is part of it
Fee simple estate
Highest form of private land ownership
As long as property taxes and assessments paid
Fee = can be inherited
Simple = inheritance is unqualified (anyone can)
If no heirs etc then Province gets the property
Leasehold estate
leased between landlord and tenant
if in excess of three years, tenant can get leasehold title - registered against title of property
First Nation’s land, national parks
Life estate
Life interest in land, for a period of time; reverts to fee simple after; created with a will
Sole ownership
One registered owner on title; if married, there are spousal rights - dower rights
Joint tenancy
Two or more owners w/ right of survivorship
Cannot will their interest to anyone else
Co-owners; equal interest in property
Must specify this on title transfer doc otherwise are tenant in common
4 conditions: time; title; interest; possession
Tenancy in common
two+ property owners
when die, person’s share in land goes to their estate not co-owner of property
Can own different shares of a property (quarter, half)
Can sell shares
Limitations to ownership rights
Powers of govt
- taxation
- land use bylaws
- eminent domain (gov’t expropriate land for common good)
- police power
- escheat (gov’t regains ownership if prop taxes not paid or dies without will)
Water Rights
Riparian rights lets property owner access water and use it reasonably
Legislated under Water Act: need license before diverting or using surface water and/or groundwater (aquifers) for commercial, industrial, municipal uses; max amount allowed
$50k individual fine; $500k company
Water Act exceptions
Domestic use
Agricultural use
Fire fighting
Wells with hand pumps
other diversions in the Act
Water rights system
first-in-time first-in-right (FITFIR)
When there’s a water shortage, first priority goes to owners holding senior licenses (first)
Transfer of water rights
Runs with the land, transfers to new owner
Not registered on title
If sale or purchase of land occurs, need to notify designated director for water rights
