GOBCRealEstate/MortgageNotes2017

w w w . G O B C r e a l e s t a t e . c o m

EstatesandInterestsinLand

CH3

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CH3

Doasyouwishor

Lifetimebelongstoyou

Canbeinherited

TheExtentof“Ownership”inLand

CROWNLAND

FREEHOLD(FEESIMPLE)

Doasyouwish

LifetimeOwnership

Canbeinherited

LIFEESTATE(charge)

Lastsforlifetimeoftheholder

CalledLifeTenant

Obligations

Yearlyoperationalexpenses

Waste

Paystheinterestonthemortgage

Rights

Canuseandoccupy

Receiverevenue Commonlaw

-Voluntary(cuttingatree,pullingdowngarage)

-Permissive(allowpropertytodeteriorate)

-Ameliorating(improveproperty)

Statutelaw

Equitable

(destructionofabuilding)

EstatePurAutreVie

StatedinWill:

Remainderman

NotStatedinWill:

Reversioner

FixturesandChattels

Fixturesgowiththeland

Willbelongtothepurchaser

Affixedtoenhancetheland

Chattelsremainthepersonalpropertyoftheseller

Affixedforenjoymentoftheitem

TypesofWaste

LEASEHOLD

INCLUDESFirstNationsLand

Cityownedandfederalland

Landownershipisnotabsolute,SubjecttoCrown’slanduse

Lifewithoutimpeachmentforwaste-notliablefor3wastes!StillliableforEquitable!!!!!

“OwnershipofLand”

Airspace–Yes

Subsurface-No

WaterRights-No

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CH3

Release:ByanexpressagreementDominanttenementreleases

INTERESTINLANDLESSTHANESTATES

Easement

Dominant&ServientLOT

ShouldaccommodatetheDominantTenement(land)(ItistheLANDthatbenefitsfromaneasement-NOTtheowner!)

FormstheSubject–matterofagrant(cratesBoundaries)

RestrictiveCovenants

Negativeinnature(notwords)

Runswithland

Bindingontheparties(covenantee&covenantor)lenderborrower

BuildingSchemeAgroupofrestrictivecovenantstomaintainuniformity

Thepartiesmustreceivetheirtitlefromthesamevendor,&purchasersmayselltootherswithoutaffectingthebuildingscheme

Restrictionsapplyequallytoalllotsandmustbeconsistentwithsomegeneralschemeofdevelopment

Thebenefitofrestrictionsshouldbindeachindividuallot

CO–OWNERSHIPOFLAND

JointTenancy-Mustbespecified!

Unityof:

Time–mustreceiveinterestsatthesametime

Title–mustobtaintheirinterestfromthesamedocument

Interest–havethesameinterestinland

Possession-undividedinterestoftheproperty

RightofSurvivorship

Cannotwillit,butcansellit!

TenantsinCommon

Hasonlyoneunity-Possession

Ownerdonothavetohaveequalshares,$$$ortimeintheproperty

Canwillit!

Ifit’snotspecified–alwaysTenantsinCommon!

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CH3

1). Which of the following statements about the fee simple estate are TRUE? A. The fee simple is a type of leasehold estate. B. If a fee simple owner dies without a will the property will escheat to the crown. C. The term fee simple indicates an estate that can be inherited without qualification. D. The fee simple estate was created by the Torrens system of registration.

(1) B and C are true. (2) A and C are true. (3) Only C is true. (4) C and D are true. 2). Which of the following is a characteristic of fee simple estate?

1) Its is held subject to the crown’s land use regulations 2) It may not be expropriated by the crown 3) It is a leasehold 4) The common law interest of other individuals cannot exist in conjunction with a fee simple

3).AlifetenancyhasbeengrantedtoAvon“withoutliabilityforwaste”.ForwhichofthefollowingactionswouldAvonincurliabilitytotheremainderman?

1. Failuretorepairormaintainbuildingsandimprovementsontheland2. Erectingachainlinkfenceacrossthecentreoftheproperty3. Destructionandremovalofallthebuildingsfromthelandoutofspitetotheremainderman4. Avonwouldnotbeliableinanyoftheabovesituations

4). Which of the following is NOT one of the requirements of a building scheme?

1) The initial purchasers must receive their title from the same vendor, although the initial purchasers may then sell to others without affecting the building scheme

2) The building scheme must be approved by each of the initial purchasers and then enforced against the titles of each of the lots.

3) The vendor must have intended that the benefit of the restrictions should bind each individual lot 4) The vendor must have laid out and sold the property subject to restrictions which apply equally to

all the individual lots and which are consistent with some general scheme of development.

5).Pam and Tom own a piece of real property as joint tenants. Which of the following is FALSE?

(1) If Pam dies before Tom, her interest will pass immediately to Tom. (2) Pam and Tom must each have an undivided interest in the whole of the property. (3) Because Pam and Tom are married, Pam cannot sever the joint tenancy by execution and

registering a conveyance to herself. (4) Pam and Tom must have obtained their interest from the same document.

Answers:1(3),2(1),3(3),4(2),5(3)