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Chapter 16 Real Property.docx

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Ryerson University
Law and Business
LAW 603
Gil Lan

Chapter 16 Real Property Registration system- documents the existence of interests in land Registry System- provides an opportunity to inspect and evaluate documents that may affect real property Chain of title- a series of transactions in which ownership was validly passed from one person to the next • only have to go back 40 years for chain of title due to legislation • registry system makes the gov passive, as it provides documents but are not always accurate • title insurance can be bought to provide a source of compensation if transaction does not include everything • hire a specialist to do title searching • competing claims of registration are done by time based Land Title system (torrens system)-generates certificates of title that virtually guarantee the validity of the interests that are listed Indefeasibility- with very few exceptions, the interests that are included in a certificate of title cannot be defeated Based of 3 principles • Mirror principle-states that all of the interests listed in a certificate of title are generally valid o Entitled to rely upon new certificate even if chain of title was defective • Curtain Principle- states that only valid interests in a property generally are the ones listed in the certificate of title • Insurance principle- states that a person who suffers a loss as a result of an error in the system is generally entitled to compensation Unregistered interests • A certificate of title is not entirely indefeasible , in certain situations interest in a land may be effective even if it is not registered • Short Term Leases- (3 years) may be enforceable against a purchaser even if it is not registered, inspect area for tenants • Prescription and adverse possessions- possible to acquire an interest in land as a result of a long period of use or occupation , true under registry system and some land title systems • Public easements- may have rights to bury cables underneath or run cables on top, look for exact location of easement as house may be hard to sell under cables • Unpaid taxes- make sure there are not outstanding taxes when property is transferred over as the gov will have opportunity to seize property to get unpaid taxes • Unpaid Creditors- check for writ of execution • Writ of execution- is a document that allows a courts judgement to be enforced o If there is a writ filled with an officer, that officer might have the power to seize and sell the property, so when transferred new owner would have to pay debt Land Sales • Sales- occur when ownership is transferred in exchange for consideration • Condition Precedent- is a requirement that must be satisfied before the transaction of the land is completed • Land sales have to have contract in writing • As a general rule contract once created must be performed even if the agreement cost turns out to be unexpected Remedies • Purchaser lien- allows the purchaser to have the land sold to satisfy the outstanding debt • Vendor lien- allows the vendor to have the property sold to satisfy the outstanding debt RISK MANAGEMENT HELP PG 380 Agreement of purchase and sale- creates a contract for the sale of land Concept summary on slide and pg 382 Mortgages • Is an interest in land that provides security for the repayment of a debt • Mortgagor- is t
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