Estates and other Interests in Land
This type of Estate would be the same as absolute ownership
What is a Fee Simple Estate
type of description needed to further describe lots smaller than a quarter concession lot
Metes and Bounds
This determines priority of a lender's interest
Name of the statute that was created to ensure landowners stay consistent with good municipal planning
This tax is calculated based on the purchase price of the property
What is Land Transfer Tax?
In this type of Estate Interest you would have exclusive possession but you could not sell the property
What is a Life Estate
created when developers subdivided large concession lots into smaller parcels- plan then referenced in legal description
Plan of Subdivision
The amount of money borrowed for the mortgage
What is principal?
This administrative body hears applications for consent to server land
What is the Committee of Adjustment?
This is the date on which title transfers from the vendor to the buyer
What is the Closing date? (or completion date)
A shared driveway is an example of this type of land interest
What is an Easement?
Would be used to replace complicated metes and bounds description
R-plan
R-Plans are also used to sever a lot or outline where easement placed
Length of time the borrower and lender are bound by the charge contract
What is term?
Whole lot on a plan of subdivision, no fee in abutting land, transactions involving the government, government consent
What are exceptions to the basic prohibition on conveying an interest in land (exception to s 50(3))
These items will be deemed to be left with the property after closing unless indicated in the AP&S
What are fixtures?
A requirement for homeowners to refrain from having clotheslines in their backyard
What is a Restrictive Covenant?
Land registration system that would allow for adverse possession claims
The Registry System
This type of charge prohibits the repayment of the loan before the end of the term
What is a closed charge?
Both spouses would have equal rights to the matrimonial home under this statute
What is the Family Law Act?
These items are deemed to be taken from the property on closing unless indicated in the AP&S
What are chattels?
Limiting ability to dam watercourses on properties
What are riparian rights?
a mortgage created when the vendor lends the buyer money to purchase property and the buyer gives the vendor a charge on the property
Vendor Take Back Mortgage
Jim and Jane owned their home as joint tenants. Jim dies and this person(s) gets the home if Jim has 3 kids
Who is Jane?
The deposit will be held in trust by
The Vendor's Real Estate broker
This type of estate would allow for exclusive possession for a specified period of time in return for payment of rent
What is a leasehold estate?
Under the Registry System documents registered on title
What is provides notice of the documents? (does not guarantee title)
The date on which interest is calculated in a mortgage
What is the Interest Adjustment Date?
Jim and Jane owned their home as tenants in common (50% each). Jim dies and this person(s) gets the home if Jim has 3 kids
Who are Jim's kids - his 50% interest
This is where you would look to determine if there were any special terms associated with the agreement
What is Schedule A