Conveyancing Theory Test 1 and 3

Fee Simple/Freehold is what we ordinarily think of as of

In BC the Land Registration System is based on the System

The Modified Torrens System provides security by .

Torrens System invented by Torrens

"Indefeasibility" means that something cannot be or made

The Contract of purchase and sale is the source of ; it is the document by which the makes an to buy , it outlines the and , and is once both parties to all

Completion date: all to title must be , paid, documents in the LTO. If it does not take place, party may the agreement

is the day the purchaser assumes responsibility for all obligations

is when the purchaser is given possession of property

: an event that must occur before there is a binding contract

Once condition precedent of a subject clause is satisfied, all parties sign an to the contract

a Conflict of interest may arise if the is asked to for

List some exceptions to conflict of interest rules:
- makes it
-
-unrepresented party wants removed
-Advises unrepresented party of attaining in writing

:
a) The payment of all for clear title
b) The discharge of one or more encumbrances and payment of the balance, if any, in
c) The assumption of one or more existing mortgages or agreements for sale and the payment of the balance, if any, in
d) A mortgage that does not contain any commercial element, given by a mortgagor to any institutional lender to be registered against the mortgagor’s residence

If transaction falls into exceptions, the lawyer/notary must:
-obtain both client's
-Advise clients that no is
-if a arises, lawyer must
- and of relevant issues

a Mortgage is a against the property to monies on a mortgage . It is usually used to pay the of property.

Restrictive Covenant: written that the property will not be used for certain (farming). It imposes on of one person's land for of another piece of land (like if there is a creek nearby and the city wants to protect it from contaminated run off?)

: privilege acquired by landowner for benefit of their land. Allows another person to use the property (like access to driveway)

Right of Way: gives right to or to or the property

Statutory Building Scheme: restricts and on each of several lot s is the building scheme for their mutual

: filed by person intending to make a claim against title

: Court order registered against title, if person lost civil law suit and hasn't paid

Form A is a required document used to from vendor to purchaser

What must accompany the Form A:

Assumed Mortgage: purchaser pays and existing mortgage

Mortgage back to vendor: purchaser pays and agrees to mortgage on property to owing

:
-first mortgage
-principle amount cannot exceed % of value

:
-principle amount exceeds % of value
-mandatory for borrowers with with down payment less than %