Week 10 (Law of REAL Property & Mortgages of Land) Flashcards
What is real property
Real property is the legal interests recognized and protected by law
-“bundle of rights or interest in lands”
-land use is public
what are the 2 categories of interest in land
- Estates in time
-(own something for a specific period) - Interests less than Estates
-(you do not own it completely, right to use but not own)
What are the different types of Estate in Time
- Freehold estates
-indefinite period, no end date - Life estate (indefinite)
-held for the life of the person; once dead, it goes to someone else - Leasehold estates
-interest in land for a definite time with possession (renting an apartment for a year) - Concurrent interests in estates - sharing titles
-you and someone else both own something together (inheriting house w sibling) - Tenancy in common
-you and someone both own a house but not share it together - Joint tenancy
-own something together, if one person dies the ownership goes to the other person
What are the different types of Interests less than estates
- Easements
-giving someone permission to use your land for something specific, letting a neighbour walk through YOUR backyard to get to his
-not for exclusive possession
A special right to give to someone who owns a piece of land to do something on someone else’s land, like walking through it.
-easement by prescription is easement that is allowed for 20 years, cannot be removed set in stone
- mutual easement
-shared driveways between neighbours - Right of way
-type of easement that gives someone the right to travel through your land, letting utility workers access power lines - Restrictive covenants
-set of rules for how a piece of land can be used set by the person who sold it (not allowing buildings over a certain height in a neighbourhood)
What are the requirements for right of way easement
1.must be a servient and dominant tenant
2.dominant - the one benefitting from the right of way
3. servient - ‘serves’/allows the crossover
what are ways the interests of land can be transferred
- by sale or gift
- by expropriation
what can a potential purchaser buy
title insurance to cover↓
title in subject land
defect, charge, lien, or other interest
lack of access to property
costs of defending title of property
What is adverse possession
Adverse possession is like squatter’s rights. If someone uses land without permission for a long time, and the real owner doesn’t do anything about it, the person using the land can sometimes become the legal owner
basically if someone has been doing work to the land, could take is over
Why is adverse possession require 10 years but ease for prescription requires 20 years
Adverse possession is when someone gains ownership of land (GAINS OWNERSHIP)by using it without permission for a long time, and the real owner doesn’t do anything about it.
Easement by prescription (right to use land) is when someone gains the right to use someone else’s land in a specific way (like walking through it) by using it openly and continuously for a long time, without permission, and the real owner doesn’t do anything about it.
what does a mortgagor (receives money) promise?
-pay principal, debt, accrued interest, either at maturity or in required instalments
-keep property adequate insurance
-pay taxes on land and buildings
-keep premises in a reasonable state of repair
what does mortgagee (lends money)
1.explore necessary discharge of mortgage upon repayment in full
2. leave mortgagor in possession and not interfere with his use and enjoyment of the mortgaged premises so as long as mortgagor observes all covenants
what are the remedies for the mortgagee
1.sue mortgagor to repay debt
2. dispossess mortgagor and occupy land itself or sell land
3. to proceed with an action for power of sale or foreclosure
what is the power of sale
*Under Sale by the Court and Power of Sale, a mortgagee may arrange to have the land sold and still sue the mortgagor to recover the balance of the debt (deficiency)
-the bank can take ur house and sell it back if you cannot make payment
*After Foreclosure, the mortgagee cannot demand repayment of the remaining debt from the mortgagor (deficiency)
what is a foreclosure?
1.mortgagee cannot demand 2.repayment of the remaining debt from the morgagor
3. bank takes the owernship
if there is excess value, bank gets to keep it
4. bank goes to court and asks for a time limit in which mortgagor can redeem
what are the rights of the primary mortgagor