2434005
Description
Flashcards by Michaela Seal, updated more than 1 year ago
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Created by Michaela Seal
about 9 years ago
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| Question | Answer |
| types of property | real property, personal property, intellectual property |
| basis of property law | -Norman England: William I conquers and established feudal system in 1066 -divided land into parcels and given to Baron's in exchange for loyalty and military services -"Crown" owns all land --> federal and provincial gov't holds title to all land |
| types of ownership | -fee simple ownership -life estates -leasehold interests -mortgages -builder's lien -agreement for sale -vendor take-back mortgage -co-ownership |
| charges against property to secure a right | option to purchase right of first refusal caveat right of way |
| freehold interests | does not involve obligation to pay |
| leasehold interests | -holds obligation to pay -fixed term or periodic -landlord has responsibility to keep property up to health and safety standards -tenant has responsibility to keep property orderly, clean and hygienic |
| fee simple ownership | -closest to absolute ownership -right to transfer land while alive (inter viros), or after passing through will (testamentary transfer) -can carve out less permanent estates such as life estates -owner also referred to as 'remainderman' |
| life estates | -transferred by fee simple owner to another person for the life of that person -after person passes away, property returns to fee simple owner -life estate cannot be transferred by will, but can be transferred while alive -can be defeasible: can be terminated under certain conditions |
| mortgages | -securing debt owed by landowner -lender holds title until owner has paid full mortgage -redemption periods -foreclosure proceedings |
| builder's lien | used by builders to secure amount owed for work done on landowner's property |
| agreement for sale | -real estate purchases -seller finances sale when buyer cannot pay full amount -once paid off, seller transfers title to buyer -cancellation proceedings if default on payments |
| co-ownership | joint tenancy tenancy in common strata lot |
| joint tenancy | -must have possession, interest, time and time same for all co-owners -right of survivorship (jus accrescendi): when one owner passes, other owners inherit property -cannot be transferred by will, however can transfer while alive (becomes tenancy in common instead) |
| tenancy in common | -only need shared possession -shared interest, time and title not required -no right of survivorship -can be left in will or transferred in lifetime |
| strata lot | condos and townhouses |
| legal and equitable title split | -title split between legal owner (trustee) and beneficial owner (equitable owner) -trustee owns and manages property for equitable owner -trustee may ensure land and buildings adequately taken care of, and payments/profits are kept or passed to beneficial owner -not recognized in Quebec |
| Rytter v. Schmitz | right to physical support of neighbour's land -strict liability |
| rights and obligations | physical support riparian rights |
| deeds | formal document showing evidence of ownership -can be risky if there are mistakes, fraud, missing deeds |
| nemo dat (quad non habet) | "one cannot give what one does not have" Person cannot receive/buy title of property from someone who does not own that land. The buyer will not receive title. This is true even if the buyer is unaware that the seller is not the true owner. |
| Torrens system | -statutory transfer form -land is registered and registry keeps track of real owner, mortgages and liens on land -assurance fund set aside for protection of innocent parties from fraud -indefeasible: "what you see is what you get" |
| real estate transactions | -conveyancing: transfer of title financing can be from vending financing, third-party financing, or multiple investors |
| tangible personal property (chattels) | -interest called corporeal interest -goods attached to land can be real or personal property depending on how easily they can be removed and purpose -fixtures: attached to land, real property |
| intangible personal property | -incorporeal interests -eg corporate shares and bonds, chose in action (right to sue for debt owed) |
| Personal Property Security Act | -covers all forms of personal property -protection of creditor with respect to debtor's personal property -special interest PMSI "personal money security interest" -registration of creditor's interest -priorities to creditors -eg if debtor borrows from one bank and then does to lend from another party, they can see debtor's personal property and decide if loaning to them is too risky |
| intellectual property | Copyright: does not need to be registered, lasts creator's life plus 50 years Industrial Design: must be registered, protected for up to 10 years Patents: must be filed to be protected, lasts up to 20 years after application Trademarks: right to use logo of some form for 15 years in Canada, and is then renewable |
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