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19 Cards in this Set
- Front
- Back
Life Estate |
- Lasts for lifetime only - Reverts to "remainderman" (specified) or fee simple owner "reversioner" after death - Of uncertain duration |
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Estate pur autre vie |
- Duration of life estate is based on the life of someone other than person who acquires the life estate
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Rights and obligations of Life Tenant |
- Remainderman responsible for repairs, fire insurance, & principle due under mortgage - Life tenant responsible for operational expenses & interest under mortgage - Life tenant entitled to income from property |
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Waste (Life Estate) |
Permissive - deterioration Voluntary - acts which damage property Amelioration - positive acts which improve property Equitable - malicious destruction of property |
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Nemo day quod non habet (Life Estate) |
Latin for: You cannot give what you do not have In terms of Life estates, you cannot transfer a greater interest in land than you have. Therefore, a life tenant may give away life tenancy but cannot give fee simple interest to another. |
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Easements |
- Use acquired for the benefit of one piece of land over the land of another - Dominant and servient tenement - Created expressly by agreement of owner(s), by statute, by implication (common intention of parties), or by prescription (habitual use recognized) - Recorded in land registry |
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Restrictive Convenants |
- A restriction on the use of a piece of land owned by a covenantor for the benefit of another piece of land owned by a convenantee. - Must be negative in nature (eg. may not place concrete statues on front lawn) - Building schemes are a form of restrictive covenant |
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Profits A Prendre |
- The right to remove naturally occurring goods off a piece of land Eg. Timber rights |
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Joint Tenants |
- Right of survivorship: When a joint tenant dies, their right passes to the surviving joint tenant(s) - Four unities: Possession, time, title, and interest - Can transfer interest while living but not by will - Can sever through unilateral act, mutual agreement, and by consent |
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Four Unities of Joint Tenancy |
Unity of Possession: Each interest is an undivided interest of the whole property. Unity of Time: All joint tenants received their interest in property at the same time. Unity of Title: All joint tenants receive their interest from the same documents. Unity of Interest: All joint tenant have the same kind of interest in land. |
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Severing a Joint Tenancy |
- Unilateral act by one of the joint tenants - By mutual agreement - By a course of dealing (mutual) sufficient to indicate that the parties considered their joint tenancy to have been severed. |
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Tenants in Common: |
- 2 or more own an interest and are entitled to possession of property - can have unequal shares - no right of survivorship and they may be disposed of by will |
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Terminating a Tenancy in Common |
- By an agreement between the parties for one tenant to purchase interests of all other tenants
- By an agreement between parties to sell the whole interest to a third party - By court order |
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Partition |
Partition is the physical division of a property between co-owners so that each becomes an owner separately of a particular part. |
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Fixtures vs. Chattels |
Fixtures are affixed to the land. Chattels are affixed to the land only by their own weight. Test/Criteria considered by courts: 1. Degree of Affixation 2. Purpose of Affixation |
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Airspace |
- Right is limited to what owner can effectively use - Can be part of a strata title & registered |
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Subsurface Rights & Water Rights |
Subsurface rights are reserved in favour of the Crown. Water rights are controlled by legislation. |
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Licences |
- Allows licensed parties to use land for a specific purpose - Does NOT run with the Land - Enforceable only between contracting parties, not successors - Do grant exclusive possession |
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Right to Support for Land |
A property owner has the right not to have vertical or lateral support for his or her land interfered with by owners of neighbouring properties. |