AFM231 Lecture Notes - Lecture 22: Fractional Ownership, Concurrent Estate, Fee Simple

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Real property: best way to think of property. Land is permanent and immovable- easier to track: the total quantity of land is finite, both factors contribute to its perceived value. As a bundle of rights that you possess: not about the land/building itself but the rights in relation to that land, historically was about the land but more variations now. Land is finite you cannot get up and take it somewhere there is only so much land on the world, cannot build more. You can buy fractional ownership on vacation properties where you get a certain amount of time there and have a certain amount of control. Two types of leases: residential residential tenancies act, high involvement by province, relationship completely defined by provincial statute, regulations and landlord and tenant board guidelines. Landlord and tenant board to resolve disputes: commercial commercial tenancies act, relatively unregulated. Lease terms are negotiated by the landlord and tenant.