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Real Estate Law Essay

1838 words - 8 pages

Elements of Law Session 10
Real Property Law
* talking about land, building, apartment, house, farm land, etc…
Fixtures vs Chattels
Fixture – attached to land in a certain way that you would need something like a bulldozer to remove it. Ex. Shed put on concrete foundation, individually you cannot do it, you need machinery. Therefore it is a fixture.
Chattel – something that can be easily removed from land. Ex. Furnaces in house, one person can take it and carry it out the door.
Two forms of estates (interests in land).
Fee Simple – highest form of ownership of land. Government owns most and what is left over is given to you by the government. Absolute ownership of land, ...view middle of the document...

A is the servient tenament and you are the dominant tenament.
Only deal with possession NOT ownership. If it is not according to contract or bought over, the time period is 10 years. Right of possession of the easement forever. If during the 10 years, the person objects, the 10 years starts all over again. Objection by the owner starts the time period all over again.

Adverse Possession
Back in the day surveys cost a lot of money and people used to ball park where the property dividing line is. They used a fence to divide the properties. But of course they are wrong, and one person is using the other’s land thinking that it is his. After 10 years of using it, common law registry system says that the person using the land now has ownership of it. So one person loses out on part of their land because their original estimations are wrong.
Under the registry system, if you are a purchaser, you have to go back 40 years to find a good route to of planning and that their was no infringement. Called a 40 year something. Adverse possession only exists under the registry system, it can give either easement or actual ownership.
The registry system is replaced with Land Titles System. Any information you pull out from that is deemed to be correct and if there is any mistake by the government there is Land Titles System Assurance Fund to reimburse you for the mistakes. Under the Land Titles System, there is no adverse possession.
Two or more individuals can own land in two ways;
Joint Tenancy – all parties own an interest in the property and it is not divided, they own an undivided interest in the property. During the lifetime of the joint tenants, neither can deal with their undivided interest of the property without the consent of the other. On the death of one of them, the property transfers to the other by right of survivorship. If you want to end joint tenancy, you can sever it, one person gives notification of it to the other. Once you sever it, it goes to tenancy in common.
Tenancy in Common – own an undivided interest in the whole of the land. One person cant point to any section of the land and say that is theirs. Even though it is undivided, during their lifetime, each tenant can deal with their undivided interest on land without the consent of the other. Meaning they can sell it, lease it, deal with it by will. Therefore there is no right to survivorship, as they can deal with the property with a will. This at times can get you into a lot of trouble. This is recommended when two families decide to buy a cottage property together, they are able to leave it to their kids so the families can continue to use it together.
Mortgages
* a debt secured by land.
* Two parties to a mortgage is the Lender (Mortgagee), and Borrower(Mortgager)
* Deal with three situation when dealing with mortgages
Long time ago, Common Law, transferred ownership from the mortgager (owner) to the mortgagee (lender). At common law Ex. A owns a...

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