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Real Estate Law Final

Terms in this set (42)

When two buyers of real estate wants the property to go to the survivor when one dies they should do what ?
joint tenants
If the sole owner dies without a will what will happen to the property?
Escheats to the provincial crown
What are some costs in addition to the purchase price of a home?
Legal fees, disbursments, taxes, dead transfer tax
A mortgage loan of up to 80 percent?
Conventional mortgege
When purchasing a matrimonial home the buyers lawyer must ensure that all the married and common law spouces whether register owners or not sign the transfer to comply with which act?
Family law act
The developer of a condo must submit which documents to the registrar of condominium?
Building plans, survey, certificate of estoppel, declaration
Irrevocability clause in the aps
length of time the offer is open to be accepted
If a chattel is included in the aps
it will be outlined a chattle is a fridge
Who are the parties to a typical mortgage
mortgageor mortgagee
What are some of the items typically adjusted for the statement of adjustment
fuel adjustment, taxes, deed transfer tax, relator fees
True or false a condo unit can have a lien placed on it for lack of payment ?
true
True or false first time buyers pay the deed transfer tax?
True
True or false Most common deed for purchase of a home is warranty deed?
True
True or false Buyer of real estate may become liable for environmental issues?
True
_______ is a contract setting out terms and conditions of a debt ?
mortgage
True or false Residential tennents absent of lease deems month to month?
True
True or false Quiet enjoyment is a tenant obligation?
false
True or false Chattels are automatically included in purchase price?
False
True or false If a buyer is obtaining title insurance, it is not necessary for the buyer lawyer to make inquires about the taxes?
False
True or false Condo board has insurance on preemies, therefore individuals not need their own insurance:
FALSE
The ________ is the greatest interest in land an individual can have?
Freehold or fee simple estate
The _________ is the person who the property goes to in a life estate when the person dies?
Remainder man
The _______ is the legal document which the entire transaction is based off:
Agreement of purchase and sale
The adjustments for the actual closing date are usually payable by the -
buyer
Virtually every mortgage contains ______ provisions that allow the mortgage to sell the mortgaged property and use the proceeds from the sale of the mortgage debt?
Power of sale
An up-to-date ______ may disclose a number of problems with the land and its boundarys?
Survey or certificate of location
Also called a free hold estate _____ is the greatest interest in land:
Fee simple
The _____ is also called a mortgagor ?
borrower
A _____ is a claim against land that acts as security fpr the payment of a debt by the land owner?
Judgement or lien ?
_____ is the actual money borrowed in the mortgage:
principal
List and explain the three estates in land?
Fee simple - greatest interest in land , life estate - grants a right to exclusive possession for their lifetime , leasehold estate - exclusive possession for a period of time in return for rent
What is the difference between joint tenants and tenants in common?
when 2 people co-own as joint tenants, each person has an equal interest of the property with right of survivorship. Tenants in common, they can own the property equally or unequally as they see fit, when they die, the property passes to the estate, not the other survivor.
Well on the property, how can the buyer be sure the water is clean?
It is the buyers responsibility to test the water
5 items on the checklist for real estate transaction?
Pid, address, names of buyers, realtors information, bank mortgage is with, purchase price, conditions
What dates should you record when making a real estate file? Closing date, offer date, conditions dates, conditions for mortgage to be met
...
Identify 3 documents used in a purchase file -
deed transfer tax, aps, mortgage instructions, statement of adjustment explain the purpose
What is included in a condo checklist transaction ? estopple certificate, bylaws, declaration, operating costs, description of common elements
...
What is a anatomization period?
The amount of time it will take to pay off the mortgage in full in regular payments at a certain interest rate
Sally is buying a house, lawyer has instructed you to order title insurance, due to gap in the search, what would you say to advise the client to order title insurance:
ensures free clear title of the property, protects you from zoning issues, any easement issues, environmental issues, liens and judgments.
What are 3 things included in statement of adjustments?
Tax adjustment, deposit, fuel adjustment, realtor fees, legal fees
What is real property and 3 examples?
Land and everything fixed to it, buildings, fixtures, airspace, minerals
What is the function of a reporting letter to the client?
Describes what was done in the file, the events of closing, explains statement of adjustments, certifies title and any certificates attached that are needed
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