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Chapter 15 Real property.docx

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Ryerson University
Law and Business
LAW 603
Gil Lan

Chapter 15 Real property Real property- includes land and anything attached to land Interest in land • Is a right that a person can enforce with respect to a particular piece of land • When buying property 2 set of rights and obligations are created • Contract, and ownership (giving right to evict old user) Estates in land • Estate- is an exclusive right to possess land for a period of time • 3 varieties Fee simple- is the largest package of rights a person can hold in land • Does not amount to absolute ownership, entitles to possess for indefinite duration, you can sell,lease or give it away • 3 limitations with fee simple • Cannot commit torts such as nuisance, occupiers liability and rylands v fletcher • Various form of regulation on your land • Property must be Expropriated- occurs when the government takes property for a public purpose Life Estate • Entitles a person to exclusive possession of a property for the duration of a particular life • Reversion- occurs when the property returns to the person who holds the fee simple • Remainder- occurs when the property goes to a 3 party who was by the person who has the fee simple • Waste- occurs when a property is changed in a way that significantly affects it value • Life estates are unattractive and unpredictable since once does not know when another will die and when the interest will end Leasehold estate • Occurs when a person has the exclusive rights to a property for a specific period of time • Different since it is not defined by life • Duration of lease determined at outset Concept summary 15.1 pg 353 Shared ownership • If you act together and buy individual interests in a single piece of land than it is shared • Joint ownership – occurs when 2 or more ppl share exactly the same interest in a property • Right of survivorship- means upon death a joint tenant interest passes on to the remaining joint tenant • Co-ownership –when 2 or more ppl share an undivided interest in a property • Co-owners do not have the right of survivorship, do not have to share the same interests • Joint tenants can avoid right of survivorship through process of severance • Severance- occurs when a joint tenant deals with the property in a way that is inconsistent with joint ownership • The right of surviourship can be lost through a partition • Partition- occurs when there is a separation of either the property or its sale proceeds Concept summary 15.2 pg 355 Condos • Condominium exists when several ppl share ownership of some parts of a building while individuals owning other parts • 3 sets of rights obtained when purchasing condos • Individual ownership of particular unit, rights resemble a fee simple, but do not have exclusive right to possess a piece of ground • You and the other individual unit owners share ownership of the common areas as tenants in common • Entitled to vote on matters in condo Non possessory interests in land Easement • Is the rights to use a neighbours land • Can be positive or negative, properties do not have to be touching • Dominant Tenement- is a property that benefits from easement • Servient Tenement- is a property that accommodates easement • Run with the land- that means that it can apply even if different people acquire possession of the affected properties • Express- simplest method for the parties to agree to create an easement • Implied- an easement can also arise by necessary implication , ex property is cut off from highway, court would assume that person can drive on your property to reach highway • Prescription- is created if lands is used in a particular way, for a long time (20 years) without secrecy , without objection and without permission • Statutory- right to bury television cables dig sewers and son on, these are not true easements because there is no dominant tenement • Licence – is permission to act in a
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