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Lecture 1

REAL 4840 Lecture 1: REAL4840 Lecture 1 09:11

2 Pages
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Department
Real Estate and Housing
Course Code
REAL 4840
Professor
J.Moon

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Origins of Land Ownership System
(Roots of the British Common Law System)
Essetiall… The ruler oed all of the lads
o You paid the ruler for use… ia rops, ilitar serie et.
The eaig of, I O this Lad…. BUT ultiatel ou are a teat of the ro
o All land ultimately belongs to the crown
o FEE Simple is the highest level an individual can own
Then there is a tenant (some protection in property landlord obligations)
o The ol differee toda… is that ou pa propert taes!
If ou dot pa… the uiipalit can take the property away
Zoning e at put a fator i a residetial area
Crown has the ability to expropriate: hih has haged throughout the ears… o there is a proess to
follow
Restrictions: city can impose restrictions things you can and cat do
They can impose protective inheritances: e: ou at reoe a ertai porh eause it is arhiteturall
significant... you must maintain the current porch
Many legislations will try to legalize morality (ex: trying to not allow strip clubs)
Rural Tenants government can take anything they want
Agreements of Purchase & Sale
Crucial to any transfer of a property
Defines your deal the terms of buy/sale
Ma people thik if ou sig a agreeet, theres a oolig off period 24 hours to hage our id NO YOU DO NOT!!
o Binding contract unless you put a certain condition that allows you meetings before deal becomes firm (etc. house
mortgage)
Contract must be in writing for the buying and selling of real estate
o Statute of Frauds: specifically states that any agreement must be in writing unless it is not enforceable
Verbal Contracts for things like CAR are enforceable (BUT, without witnesses it is a he said-she said
situation) (obviously better if in writing)
There are NO standard-form contracts
o 20 years ago there was an attempt to standardize new home purchase agreements did not last long
o Builders geerall hae their o agreeet hih the ill call their standard
Look out for the hidden contracts
o ALWAYS read through conditions
o Toronto agreements are generally worse than towns such as Guelph
o Try to make the signing conditional on your reviewing with a Lawyer
Land Registration System: system developed to properly identify parcels of property
Aids in Uniform development of properties of land
A plan may superimpose the Concession/Lot
o Old oessio/lots ere geerall 200 ares ad easured i hais & liks
o Old chains and lots were 100 chains by 20 chains** double check this
Oasioall ou ill see old desriptios of  feet to the oak tree,  feet to the strea
ed
o HARD to identify, so registry system needs MUCH more exact descriptions
o Someone will have to pay to have a new description drawn that meets the
requirements of the Registry Act (surveyor, description done) (NOT cheap!!)
REAL*4840
Lecture #1: Land Ownership & Registration Systems
Monday, September 11th, 2017
Fee Simple: greatest possible
estate in land. Owner has right
to use it, exclusively possess it,
dispose of it & take its fruits
The land registration system
contains official records of land
and property in Ontario,
including the title (legal term
for land rights held by
person/corporation), deed
(legal term used for legal
document transferring title),
mortgage + other land
documents
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Description
REAL*4840 Lecture 1: Land Ownership Registration Systems Monday, September 11 , 2017 th Origins of Land Ownership System (Roots of the British Common Law System) Fee Simple: greatest possible Essentially The ruler owned all of the lands estate in land. Owner has right o You paid the ruler for use via crops, military service etc. to use it, exclusively possess it, The meaning of, I Own this Land. BUT ultimately you are a tenant of the crown dispose of it take its fruits o All land ultimately belongs to the crown o FEE Simple is the highest level an individual can own Then there is a tenant (some protection in property landlord obligations) o The only difference today is that you pay property taxes! If you dont pay the municipality can take the property away Zoning we cant put a factory in a residential area Crown has the ability to expropriate: which has changed throughout the years now there is a process to follow Restrictions: city can impose restrictions things you can and cant do They can impose protective inheritances: ex: you cant remove a certain porch because it is architecturally significant... you must maintain the current porch Many legislations will try to legalize morality (ex: trying to not allow strip clubs) Rural Tenants government can take anything they want Agreements of Purchase Sale Crucial to any transfer of a property Defines your deal the terms of buysale Many people think if you sign an agreement, theres a cooling off period (24 hours to change your mind) NO YOU DO NOT!! o Binding contract unless you put a certain condition that allows you meetings before deal becomes firm (etc. house mortgage) Contract must be in writing for the buying and selling of real estate o Statute of Frauds: specifically states that any agreement must be in writing unless it is not enforceable Verbal Contracts for things like CAR are enforceable (BUT, without witnesses it is a he saidshe said situation) (obviously better if in writing) There are NO standardform contracts o 20 years ago there was an attempt to standardize new home purchase agreements did not last long o Builders generally have their own agreement which they will call their standard Look out for the hidden contracts o ALWAYS read through conditions o Toronto agreements are generally worse than towns such as Guelph o Try to make the signing conditional on your reviewing with a Lawyer The land registration system contains official records of land Land Registration System: system developed to properly identify parcels of property Aids in Uniform development of properties of land and property in Ontario, including the title (legal term A plan may superimpose the ConcessionLot for land rights held by o Old concessionlots were generally 200 acres and measured in chains links o Old chains and lots were 100 chains by 20 chains** double check this personcorporation), deed (legal term used for legal Occasionally you will see old descriptions of x feet to the oak tree, x feet to the document transferring title), bed mortgage + other land o HARD to identify, so registry system needs MUCH more exact descriptions o Someone will have to pay to have a new description drawn that meets the documents requirements of the Registry Act (surveyor, description done) (NOT cheap!!)
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