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33 Cards in this Set
- Front
- Back
Property includes |
Real
Personal: tangible (chattels) intangible |
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Chattels are not They are often |
Unique Reproducible |
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Real property refers to
Unlike personal property, land is (. ) which means |
Land and anything that is affixed to it
Unique. Not two pieces are the same and no more land is being produced |
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Under English law, if you owned the land, your ownership included
But now it is limited to
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everything above your land and everything below
Useable air space |
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Build anything overhangs onto an adjoining property will be considered |
Trespass because it would be infringing on the owner's useable airspace |
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Sales of land and minerals
Who owns all mines and minerals in AB |
Sales of land includes all minerals underlying the land unless specifically exempted
The government of AB
Except where land was homesteader before 1905 |
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It is rare to own both ( ) rights
Conflicts may arise when a mineral owner attempts to
Parties can apply to to adjudicate the issue |
Surface right and mineral rights; they can be transferred separately
Access mines or minerals
Government Surface Rights Board |
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Real property generally includes 3 |
Surface of the land Reasonable amount of space above Fixtures: anything attached to the surface
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Tests for fixture 3 |
-to what degree attached to building or land
-the amount of damage if removed
-the purpose of the item placed on property: for better use of land or better use of the chattel
-there must be something more than gravity to hold the chattel in place |
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The greatest interest of land one can have- closet to
Rights include |
Fee interest Ownership of property
Possession right: Disposition right
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Possession right Disposition right |
Hold the land for an indefinite time
Dispose of the land during lifetime or following death to whom you wish |
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Most common estate under Land Titles System |
Fee simple |
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When an owner of a fee simple separate the use of the property from the ability to dispose it
The AB Land Titles Office will |
The two fee simple interests are split and a life interest is created
Issue a separate title to the life interest |
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It is possible to create a life estate for a person to () , to (), (), and () , but they cannot |
Use the property Live on it Rent it out Profit from the rent
Sell or give away the simple fee estate |
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Life estate grant a ( ) to exclusive but not |
exclusive possession
the right to dispose of the property after death |
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Life estate our autre Vie |
Possible to grant a life estate for the duration of the lifetime of another person |
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The owner of a fee simple that is subject of a life estate has the ( ) interest
Definition |
reversionary or remainder interest
If the fee simple owner is not the person who granted the life estate, they have the remainder that the owner had to give away after granting the life estate . |
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Remainder or reversionary interest |
Possession reverts back to the owner |
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Upon the death of life interest owner, the person who holds the remainder interest now has ( )
Before the death of the life interest owner, the reversionary interest holder only has the right to and subject to . |
Fee simple interest: right to possession and disposition
disposition Life interest |
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Life tenant's obligation
Rrmainderman's obligation |
Repair and maintenance and property tax
Major structure repair and property damage insurance |
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Leasehold estate
The owner of fee simple ( ) gives another person ( ) the right to ( ) for a fixed period of time ( ). |
Landlord Tenant To exclusive possession of the property ( demised premises) |
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Holder of leasehold interest has no right of
and only has the right of for the length |
Disposition Possession for the length of the term of the lease |
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Tenants usually have the right to but new tenant would be subject to |
assign their leasehold interest
All terms of the lease |
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Land Title Office can issue a separate title which is called
for leasehold interest only the lease is
This is very. No is issued. |
Certificate of leasehold title
More than 3 years
Rare. No new title is issued |
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Two forms of co ownership |
Joint tenancy Tenancy in common |
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Joint tenancy two or more person own property as
Characteristics 2 |
Joint tenants
All owners own all of the property
Right of survivorship |
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Tenancy in common
Two or more people can hold the property as |
Tenants in common and not jointly
Each owns a percentage that does not pass upon death
No right of survivorship- interest passes through estate |
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For tenancy in common, the court will assume interest is divided unless specified |
50-50
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Joint tenancy
4 same |
Have the same interest of the land Commencing from the same time
Have the same right of possession
Arise out of the same documents or conveyance |
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A surviving joint tenant can go to the Land Titles Office with a _____ of the deceased joint tenant owner, swear an _____and the Land Titles Office will ______
The property does not pass via the ____ of the deceased joint tenant owner. |
Certificate of Death of the deceased tenant
Affidavit that he or she is the surviving joint tenant,
transfer title into the name of the surviving joint
Will or the Estate |
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Transfer of Land executed by Vendor must indicate that the property is held by the Purchaser as ____.
If not indicated, purchasers will be |
Joint tenants
Tenants in common |
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It is possible to have more than ______on a title
Tenants in common don't have to acquire the property at ____
There can be combination of____ |
two tenants in common or joint tenants
the same time
Tenancies on a title |
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A joint tenant can _____the tenancy if he doesn't want to have consent to dispose his half interest |
Severe |