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Unformatted text preview: C HAPTER 19 R EAL P ROPERTY Objectives After studying this chapter, you should have an understanding of: • the nature and ownership of real property • the various ways to acquire and transfer ownership • how a mortgage works • the rights and duties of landlords and tenants Learning Outcomes • Understand the rights and restrictions attached to ownership of property (pages 461 and 480) • Understand the difference between tenancy in common and joint tenancy and when each method of co-ownership is preferable (page 460) • Recognize what should be investigated before purchasing land (page 468) • Recognize the rights of the mortgage holder (page 472) • Understand the landlord-tenant relationship (page 476) • Understand the rights and obligations of the landlord and tenant in a commercial lease (page 435) Chapter Summary The owner of property can choose to do nothing with it, sell it, mortgage it, lease it, or give it away as a gift or, after death, through a will. The owner may also have the option to subdivide the property and do any combination of these ownership rights with only a portion of the land. The owner may be an exclusive owner, or may own the property together with other people as joint tenants or tenants in common. A person may have an interest in property as an owner, a co-owner, a landlord, a tenant, a mortgagee, a mortgagor, a purchaser, an easement holder, or an inheritor. In addition, many government agencies have authority to control the use of land through zoning, environmental regulations, and expropriation. People who expect to enjoy their own property also have rights to control the use of property by their neighbour. It is important to understand the rights and obligations of each party with an interest in property. Study Outline Use this outline to prepare a complete set of notes for this chapter. Ownership Interests in Land – page 459 _______________________________________________________________________ _______________________________________________________________________ © 2008 BY N ELSON , A DIVISION OF T HOMSON C ANADA L TD . PART 5: PROPERTY Fee simple ___________________________________________________________ Tenancy in common____________________________________________________ Joint tenancy_________________________________________________________ Limits on Ownership – page 461 _______________________________________________________________________ _______________________________________________________________________ Easement ___________________________________________________________ Restrictive covenants___________________________________________________ Registration of Ownership – page 462 _______________________________________________________________________ _______________________________________________________________________ Registry system_______________________________________________________ Land titles system______________________________________________________ Electronic registration__________________________________________________...
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This note was uploaded on 06/04/2009 for the course BUSINESS LAW380 taught by Professor Davidmariofarmani during the Fall '08 term at Seneca.
- Fall '08
- Business Law