Chapter 19

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University of Waterloo
Accounting & Financial Management
AFM 231
Sally Gunz

Chapter 19 Real PropertyChapter 19 covers real property and chapter 18 intellectual propertyReal property law is typically concerned with land rather than buildings on the land whereas real estate law may be concerned with both land and buildings In this course we cover very generally both real property law and real estate law We will also introduce environmental considerations to the discussions in class Focus onOwnership of land is not absolute Understand the restrictions or limitsOwnership must be registeredregistry system vs land titles systemThe purchase transaction particularly the due diligence needed to ensure you are acquiring what you intend to acquire eg clean property not contaminated landHow mortgages work including remediesReal property includes land or real estate including buildings fixtures and the associated legal rights of access Real property is largely governed by common law and traditionally the law is devoted to protecting rights to property such as determining who owns a piece of land when more than one person is making a claim on it Interests in LandThe largest and most comprehensive level of ownership of land possible under our system of law is known as fee simple An owner in fee simple essentially owns the land and can dispose of it in any way she sees fit Ownership of land is easily divisibleDivision of ownership one piece of land can be owned by several people at the same time As coowners they have undivided interest in the entire land Each owns a portion of the whole but their respective shares cannot be singled out or identified in any distinct wayTenancy in Common is coownership whereby each owner of an undivided interest can dispose of that interest If one of the tenants die that tenants undivided interest in real estate forms part of his personal estate and goes to his heirsJoint tenancy is coownership where by the survivor inherits the undivided interest of the deceasedDivision of ownership in time through a leaseLimits on Ownership1Municipal governments are able to zone land2Environmental regulations affect the use of land by limited or prohibiting the discharge of harmful substances3Common law of nuisance limits any use of the land that unduly interferes with the owners enjoyment of the land4Family law may designate property as matrimonialto be shared between spouses5Government agencies have the authority to expropriate land for particular purposes by providing adequate compensation 6Govt agencies can make use of privately owned land for a particular purpose7Foreign governments may impose limits on the quantity of land that can be owned by nonresidentsThe owner may also sell part of their land in exchange for moneyEasement granting an adjoining landowner the right to use a portion of his land for a particular purposeLease grant a lease to a tenantOilgasmineral lease occupy the land access that portion and remove materials
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