week two Flashcards
what is the new and correct terminology for a computer register or certificate of title
fee simple record of title
what is the new and correct terminology for a registered proprietor
a registered owner
what does land law contain rules about
dealing with ownership of the land and the interests and rights that other people might have over my land
what is an interest or right that other people might have over my land called
an equitable interest
if you dishonestly intend to cheat people out of an equitable interest, what might you be guilty of?
fraud
how do you protect an unregistered/equitable interest
lodge a caveat to freeze the title
what is the doctrine of tenure
the idea that the Crown owns everything, and you only own an estate in the land
maori land is a special entity and has its own act. what is that act called
Te Ture Whenua Maori Act 1993
what is the different between the property law act and the land transfer act
the property law act 2007 is a wider overlay of rules for land than the land transfer act 2017 which is a registration act
what are the 3 types of freehold estates
fee simple, free tail, life estate
what is a fee simple estate
the strongest, simplest and best type of estate you can have. This sits underneath the Crowns ownership
what is a fee tail estate
an estate of inhereitance, which can only be inherited by a specific group of descendants - these are forbidden in NZ
what is a life estate
I give this to Y for life and to X when I die
what are the two types of stratum estates
cross leases and unit titles
what type of estate is less than freehold
leasehold
how does a cross-lease work
both parties own the whole land and all the tenants in common join in leasing each flat to its occupant for 999 years (generally). This is a pretty fragile lease because it is only a lease of the building, not the land, because you all own the land together.
what can you think of a cross lease as
a lemon slice
in a cross lease, is there part shares of common areas
no, everyone owns the common areas and can use them as they like
can you put a trust on a record of title
no, you would have to put the names of the trustees
how is a lawyer involved in a trust
they are often the third silent member
where you have been unconscionable in your dealings with the property, but it doesn’t amount to fraud, what type of claim can be made
in personam
what is the difference between a fixture and a chattel
fixtures are fixed to the land, they cannot be moved and can only be enjoyed in situ.
chattels are independent of land and can be easily moved off
why would you want to put land into trust
it protects it from creditors
what is a unit title
where you are buying an apartment as part of a complex
what is a leasehole
you have a record of title which has a finite point and then the leasehold stops
what is the main exception to indefeasibility
fraud
who keeps the title
the last person on the title, as long as they are non-fraudulent
what is the mortgagees final recourse
to sell up if you haven’t paid - mortgagee sale
what can you get if the areas or boundaries were wrongly described
compensation
does the government give out compensation for fraud
yes, and then they chase up the fraudster to get the money
s 24 (1) title does not pass until?
registration
where X and Z are both innocent and Y has committed fraud in between, who loses out
X
under the torrens system, land passes by an act of the ___ rather than an act of the __ (as was the case under the deeds system)
state, parties
what are the 3 principles of the torrens system
mirror (register accurately and completely mirrors the state of the title)
curatin (purchasers do not need to concern themselves with interests behind the curtain of the register)
insurance (if the mirror gives an incorrect reflection and as a result a person incurs loss, that loss should be met by a state assurance fund)
