Real Estate Law

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Real Estate Law
2012-07-17 10:15:22

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  1. Conveyancing
    Transferring or passing title of real property from one party to another.
  2. Real Property
    Immovable property. Ex. Land, buildings, and all things attached to land.
  3. Personal Property
    Movable property; Ex. Cars, furniture, appliances.
  4. Title
    Registered ownership of property.
  5. Chattel
    Personal property that is tangible and moveable.
  6. Registry system
    A system of recording document registrations relating to land. Province is responsible for keeping records, Not for guaranteeing the title.
  7. Land Titles System
    A system of recording document registrations relating to land. Province is responsible for maintaining the records, and guaranteeing the title and specific interests.
  8. Deed
    Legal document used in the registry system, which title to real property was conveyed from one party to another.
  9. Transfer
    Legal instrument used in the Land Titles System by which title to real property was transferred from one party to another.
  10. Transfer/Deed
    Legal document used in both the registry and land titles system, by which title to real property is conveyed or transferred from one party to another.
  11. Charge
    Lawyer's day-to-day record of work performed or disbursements used in the land titles system, to formalize the claim upon title to real property as security for a debt or loan.
  12. Mortgage
    a legal document used to convey property, upon certain items and conditions, as security for the payment of the debt.
  13. Mortgagee
    Party to whom real property is mortgaged; Lender.
  14. Mortgagor
    Party who gave mortgage on real property; Borrower
  15. Charge/Mortgage
    Legal document used to formalize a loan when property is used as collateral
  16. Discharge of Charge/Mortgage
    Legal document used to formally acknowledge that the debt covered by a charge/mortgage has been discharged.
  17. Vendor
    One who sells real/personal property
  18. Purchaser
    One who buys real/personal property
  19. Transferee
    Party who receives title to real property under a transfer/deed
  20. Transferor
    Party who gives title to real property under a transfer/deed
  21. Lease
    Agreement which one party allows another party to occupy and use real property in return for monetary or other consideration
  22. Lessor
    Party who owns a real/personal property that is rented to another party
  23. Lessee
    Party who rents real/personal property from another for monetary or other consideration
  24. Joint Tenants
    2 or more parties who hold title to real property where each holds the same interest as the other. Surviving tenant acquires interest of the deceased. (Right of Survivorship)
  25. Tenants in Common
    2 or more parties who hold title to real property where each tenant may dispose of his/her interest independently of the other by transfer/deed or will.
  26. Condominium
    Ownership in fee simple of a specific unit of space in a multi-unit building, with ownership of tenants in common with all other owners of the common elements
  27. Common Elements
    The areas of a condominium, such as halls, elevators, and grounds, owned by individual unit owners as tenants in common
  28. Declaration
    Document registered in land registry office by a condo. corporation that sets out the rights and obligations governing the use of the individual units and the common elements
  29. Common Expenses
    Normal costs to maintain and repair the common elements of the property, jointly shared by all owners of units in a condo.
  30. Contingency fund
    Fund contributed to by an individual unit-owners in a condo. to meet unexpected expenses or to build up a reserve for future major repairs or replacements
  31. Title Insurance
    Provides owners of real property with insurance coverage against defects in title and any legal expenses that may arise from these defects
  32. Matrimonial Home
    Property in which a person has an interest and that is ordinarily occupied by the person and his/her spouse as their family residence
  33. Lot
    Small area of land that forms part of a larger area covered by a registered plan
  34. Metes and Bounds
    Description of real property that commences with a determinable point and outlines the perimeter of the parcel in directions and distances
  35. Distance
    Term used when the perimeter or a parcel of land is described in feet and inches or in meters
  36. Parcel
    Parts or portions of land; the entire holding of land in one location owned by a registered owner under the land titles system
  37. Course
    Term used when the perimeter of a parcel of land is described by degrees, minutes, and seconds
  38. Reference Plan
    Plan of survey of a part of a block, lot, or parcel of land on a registered plan of subdivision or a portion of a registered parcel
  39. Property Identifier Number (PIN)
    9 Digit number used to describe property in Ontario, consisting of a block number and a property number
  40. Electronic Registration
    Electronic registration of real estate documents from a personal computer to the appropriate land registry office
  41. Fee
    Relationship between the person who occupies the land and the person that owns the property
  42. Fee Simple
    When you own the land and no one else does
  43. Easement
    Right over your property that somebody else has. Ex. Utility Company; a right of way.
  44. Lien
    A charge against a building
  45. Grantee
    The party who receives a power of attorney. The term used in a deed to describe the party who received title to real property.
  46. Grantor
    The party who gives the power of attorney. The term used in a deed to describe the party who gave title to real property.
  47. Consideration
    The return given for the property, act, or promise of another.
  48. Foreclosure
    The act of a mortgage that requires the Mortgagor of real property either to pay off the mortgage upon its maturity or to relinguish his/her interest in the real property.
  49. Principle
    The amount of the charge/mortgage upon payment of which, together with any accrued interest, the charge/mortgage is discharged.
  50. Term
    # of years over which a mortgage will be repaid at a specified interest rate
  51. Terms
    the conditions of repayment of a charge/mortgage
  52. Maturity
    The date on which a charge/mortgage is due.
  53. Blended Payment
    A regular payment on a loan (usually charge/mortgage) of a set amount of money. The monies are applied 1st against accrued interest on the loan, and 2nd against the unpaid principle balance of the loan.
  54. Amortize
    To provide for the payment of a debt by periodic, set payments at a rate calculated to repay the debt over a given # of years.
  55. Standard Charge Terms
    special provisions that apply to a charge/mortgage registered with the Director of land Registration
  56. Agreement of Purchase and Sale
    An accepted offer to purchase.
  57. Closing
    A meeting of the solicitors who represent the vendor and the purchaser in a real estate transaction to finalize the transaction.
  58. Requisition
    A document that requests a court official to carry out a duty
  59. Requisition Date
    The date by which the purchaser of real estate may submit any questions to the vendor about the validity of title to the proeprty being purchased.
  60. Requisitions on Title
    Written requests to the vendor on behalf of the purchaser asking that defects or doubts as to the title of real property be removed or otherwise satisfied.
  61. Declaration of Possession
    a deposition setting out the details of the time the vendor has been in possession or control of real property, including details about other matters that affect title.
  62. Statement of Adjustments
    a detailed statement prepared in a real estate transaction that outlines the exact amount of money the purchaser must pay when the transaction is closed.
  63. Status Certificate
    Certificate obtained from a condo. corporation advising on the amount of common expenses, any arrears of common expenses by the owner of a unit, the condo. budget statement, reserve funds, insurance particulars and so on. (formerally estoppel certificate)
  64. By-Laws
    Rules and regulations made by a corporation to govern its own affairs or its dealings with others
  65. Encumbrance
    An outstanding claim or lien recorded against a property
  66. Adverse Possession
    Occupation of land inconsistent with the right if the registered owner (Displacing the true owner).
  67. Action on the Covenant
    Legal proceeding based on a clause in the contract such as a lease or mortgage.
  68. Amortization
    Payment of a debt by way of a fixed number of payments that gradually result in the principal and interest being reduced or paid off.
  69. Assignment of Lease
    Transfer of a tenant's entire leasehold interest to another tenant.
  70. Assignment of Mortgage
    Transfer of a mortgagee's rights under a mortgage to another mortgagee.
  71. Assumption of Mortgage
    Transfer of a mortgagor's obligations under a mortgage to another mortgagor ( usually a purchaser of the property that is subject to the mortgage).
  72. Closing Date
    Date upon which transfer of ownership of real property takes place.
  73. Concurrent Ownership
    Ownership by more than one person.
  74. Discharge of Mortgage
    Release by mortgagee of obligations of the mortgagor under the mortgage (usually indicates full payment has been made).
  75. Distrain
    to seize goods by way of distress.
  76. Distress
    Right to seize goods in order to satisfy a debt.
  77. Dominant Tenement
    Land that benefits from the service of another property (ex. From an easement/restrictive covenant).
  78. Easement
    A right enjoyed by the owner of land over the lands of another.
  79. Encroachment
    Extension of property beyond its boundaries onto an adjoining property.
  80. Exclusive Right of Possession
    Right to occupy property, to the exclusion of all others.
  81. Expropriate
    Deprive a property owner of her right in all or part of the property.
  82. Fee Simple
    The most extensive freehold estate possible.
  83. Fixed Term Tenancy
    A tenancy for a set period of time.
  84. Fixture
    Anything permanently attached to real property.
  85. Foreclosure
    Court action that results in mortgagor losing all interest in the property due to his default in payment of a mortgage.
  86. Freehold Estate
    An interest in land that may last for an infinite period of time.
  87. Guarantor
    Person who agrees to assume all obligations of a mortgagor under a mortgage, in the event of the mortgagor's default.
  88. Joint Tenant's
    2 or more persons holding title to land where there is a right of survivorship: that is, death of one tenant which results in title automatically reverting to the surviving joint tenant.
  89. Land Titles
    System of registration of interests in land in which only current interests are shown and the government guarantees that no other interests affect the land.
  90. Leasehold Estate
    An interest in property for a specific period of time.
  91. Licence
    A right to do something (ex. Enter on someone's land), which may be revoked at anytime.
  92. Life Estate
    An interest in land for the duration of a designated person's life.
  93. Limitation Period
    Time period during which a proceeding to enforce a right may be commenced.
  94. Matrimonial Home
    Property occupied by a husband and wife.
  95. Merger
    Loss of a right (for instance, an easement) due to its coinciding with another and greater right in the same person.
  96. Notice to Quit
    Notice by either a landlord or a tenant to the other party, indicating an intention to terminate the tenancy.
  97. Nuisance
    An inconvenience that materially interferes with the enjoyment of one's property.
  98. Periodic Tenancy
    A tenancy that renews itself on a periodic (weekly, monthly or yearly) basis.
  99. Power of Sale
    Right of a mortgagee to force sale of property in the event of default, without taking court action.
  100. Prescriptive Easement
    Easement obtained by uninterrupted usuage for a period of time.
  101. Quiet Possession
    Occupancy without interruption or interference.
  102. Registry
    System of registration of interest in land in which many interests are recorded (not just current ones), & the title searcher must determine which ones are applicable to the title being searched.
  103. Remainder
    An interest in land that becomes effective upon the occurance of a specific event (ex. the death of a life tenant).
  104. Requisition Date
    Date prior to which any problems relating to title must be made known to the vendor of the property or to the vendor's solicitor.
  105. Requisition Letter
    Letter from the purchaser or purchaser's solicitor outlining to the vendor any problems on title that the purchaser requires to be remedied prior to closing.
  106. Reserve Bid
    lowest acceptable price
  107. Restrictive Covenant
    A restriction or limitation on the use of the property, which an owner may impose on subsequent owners of the property.
  108. Reversion
    Return of an estate in land to the original owner upon the occurance of a specific event (ex. the death of a life tenant).
  109. Right-of-Way
    Right to pass over another's land
  110. Right-of-Way of Necessity
    A right to pass over another's land as the only means of access to one's own property.
  111. Runs with the Land
    Extends beyond the original parties and binds subsequent owners of the property.
  112. Servient Tenement
    Land that is subject to a service (ex. an easement or restrictive covenant) in favor of another property (being the dominant tenement).
  113. Sublet
    Transfer of part of a leasehold interest (either part of the term or part of the premises).
  114. Surrender of Lease
    Termination of a fixed-term lease.
  115. Tenancy at Sufferance
    Occupancy of property with no rent payable and no consent given by the landlord to possession of the premises.
  116. Tenancy at Will
    Right of possession is not for a given length of time, and may not be exclusive.
  117. Tenancy in Common
    Ownership of land by two or more persons; upon the death of one person, that person's share becomes an asset of her estate.
  118. Waste
    Lasting damage to property (ex. destruction of a house or allowing it to fall into disrepair).