Exam 19: Real Property

The highest and most comprehensive level of ownership of land possible is known as a fee simple.

On May 1,Orianna forwarded her client's signed title transfer document,keys,and remote control for the garage door to the purchaser's lawyer.The items were sent in trust,on the express condition that she receive the payment of the balance of the purchase price in return.John will comply,then submit the transfer document to the registry promptly for registration.In the meantime,which of the following should John's clients have effectively put in place for the May 1 closing date?

Identify the basic terms generally contained in an agreement of purchase and sale of real property.

Joint tenancy,which is typically the form of ownership in land used for property acquired by spouses as their marital home,is distinguished by the right of survivorship.

Why is a commercial lease dependent upon the value,nature,and size of the property?

Jacqueline listed her home for $200 000.She received six offers to purchase,all with a closing date of April 1.She accepted the unconditional offer,though it was $3000 less than the highest offer of $246 000.The purchasers abandoned the deal on March 27.Jacqueline received an unsolicited offer that was $10 000 over the original asking price.She accepted that offer with a closing date of May 15.What remedy,if any,is available to Jacqueline with respect to the first accepted offer?

Describe some of the statutory and common law restrictions frequently imposed on land use.

The risk associated with borrowing a high percentage of the capital needed to acquire commercial real estate is that,if there is default in payment due under the loan at any time and the company is unable to negotiate more favourable terms with the lender,the ownership and possession of the property can be completely lost.

What typically occurs during the "closing" stage of a real estate transaction?

Sylvano requested a copy of Certificate of Title No.12312 from the land titles office.He intends to purchase the land for development if it is unencumbered by registrations affecting its use.This particular land titles office maintains an insurance fund to compensate for loss due to their error.What significance does that fact have with respect to the copy of title Sylvano will receive in exchange for payment of the prescribed fee?

Describe the role of the administrators of a land titles system

The city has decided to green up its public transportation system by converting to light rail transit.Plans are underway to commence compensation negotiations with affected landowners.What is the legal name given to the type of authority that has been exercised in these circumstances?

The rights of the mortgage lender are limited to a combination of the following three remedies: suing the borrower,taking possession of the land,and foreclosure.

Briefly discuss the relevance of the sequence of registration in a land registry system and a land titles system.Also identify how the sequence of registration has recently become particularly problematic,and identify the parties affected by those problems.

A lease in land is,in theory,affected by the sale of the property by the landlord.Each tenant is entitled to stay 30 days past the closing date,by which time a new lease arrangement must have been negotiated with the new landlord or the leased premises must be vacated.

A tenant cannot withhold rent,even if the landlord fails to meet a requirement in the lease and must instead sue for compensation while continuing to pay rent.

Which of the following terms refers to the concept of "buyer beware"?

Which of the following is a distinguishing characteristic of a joint tenancy?

Real property is largely governed by common law,which,by tradition,devotes its focus on protecting rights to property and,in particular,determining the rights of ownership to a piece of land.

Tenants in common each have an undivided interest in the land and are able to deal with their own interests in any way they see fit without having to consult with one another.