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Lecture

ADMS 2610 LECTURE March 20th.docx

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Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine
Semester
Winter

Description
TH ADMS 2610 LECTURE 6 – March 20TH , 2013 Real Property Real Property - Real property is primarily LAND and BUILDINGS.. maybe the most important assets in business - In Ontario theres 2 systems: Land Titles, and Registry System - Registry is older.. now we use LT so focus on that more.. lately theyve been taken shit registered under Registry system and switching it to LT - So how can you own land? The best right you can possibly have is fee simple – you own it outright, no fees to pay or anything, no laws, its yours to do what you want.. no zoning laws or shit o Everything else is just a variation of this o Ie: if you own a apartment in a condo, theres parts that you own outright and therres parts that are commonly owned, ie: you own your 4 walls and everything in them, but the hallways and workout room and shit are commonly owned - There are only 2 WAYS TO OWN PROPERTY IN ONTARIO when talking about fee simple: o Joint tenancy, or tenancy in common o Joint tenancy is when you and someone else own an undivided 50% of a property with a person and COMES WITH A RIGHT OF SURVIVORSHIP b etween the two of them.. occurs mainly in smarried couples buying homes. If one spouse dies, the other one automatically becomes the 100% owner o Tenancy in common is diff in that it can be more than 2 people, the split cam be 80/20, 40/20/40 etc etc.. the diff in tenancy in common is that when someone DIES, their portion of the property goes to beneficiaries in their WILL instead of being transferred to the other tenant o If one person is a SOLE OWNER fee simple of a propetty, when they die it goes to their beneficiaries in will - Life interest: o it is a lesser interest in land b/c you don’t own it. It is something LESS than ownership o WHEN SOMEONE OWNS A PROPERTY AND LETS SOMEONE ELSE USE IT OR A PIECE OF IT.. NOT OWN IT, JUST USE IT.. A GIVES B A LESSER INTEREST IN LAND o ie: you can have a property and let B have a LIFE INTEREST. B can live there all her life and mow the lawn, do the dishes, all that shit, but if in A dies then it goes to whoevers in his will, doesn’t have to be B o leases, rentals.. those are all lesser interests - Restrictive Covenant o Lots of varietys of this.. when you rent a house you cant just do anything u want with it.. cant just set up a mechanic shop and change the layout.. - Encroachment o can be as minor as the roof of one of two neighboring properties touching the other.. ifyour shit is touching theirs its prolly encroachment - Agris Posession (related to Registry system and Land Titles) o Ie: if there is aparcel of land split in half between two owners, and one owner builds a fence across the middle but makes it a bit off and as a result one owner has a larger portion of land.. under the old REGISTRY system, if that one owner used the others property for a number of years and it was never reported, it becomes part of the owners property..THIS DOES OT OCCUR IN LAND TITLES SYSTEM, there is no Agris Posession Posession o lets say some old man has a lawn that schoolkids have been crossing thru for 20 years.. he hates it and one day puts up an electric fense.. the kids can say HEY weve had easement for 20 years there so you cant do that - Fixtures o Definition: stuff thats attached.. ie: the portable bball hoops w sand bags are not fixtures, but a bball post firmly installed in the concrete is a FIXTURE o THIS becomes important when buying ah ouse.. if you come to buy a house and it has built in furniture and cabinets and shit then youre like yes i don’t have to
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