Course 1 Terms (Real estate Humber) Latest Update Graded A

Course 1 Terms (Real estate Humber) Latest Update Graded A Fee Simple Estate (Free Hold) It is the highest form of an estate and is also known as absolute right. It provides maximum rights with minimum limitations. Includes the rights to use, sell, enter, possess, lease, or give away Leasehold Estate Interest in land for a definite time period An estate that gives the holder (Tenant) a temporary right to possession, without title. The grantor is called the landlord (lessor) and the grantee is called the tenant (lessee) An estate An interest in land that includes various rights of ownership and tenancy (the right of ownership) Air Rights The right to use the open space above a property, usually allowing the surface to be used for another purpose. Usually granted for construction of bridges, elevated streets, and sidewalks Surface Rights the rights to use the surface of the earth (ground level rights to use the physical surface of the earth) Riparian Rights These rights are associated with a shoreline (water front) recreational properties. They include the right to use waterfront irrigation, navigation, drainage, flood prevention measures, etc Mineral Rights Rights relating to exploring, drilling, and extracting minerals such as gas, oil, silver, and other precious metals, which lie below the surface of the property. These rights are sold or reserved by the crown Concurrent Ownership A form of ownership where more than one person has an interest in the same property at the same time. 2 types: joint tenancy, tenancy in common If the type^ don't specified, it's deemed tenancy in common What does PITT stand for and what is it about P- possession I- interest T- time T- Title 4 unities creating joint tenancy Condominium Ownership Ownership in a condominium involves fee simple ownership of a unit and tenancy-in-common ownership of the common elements such as hallways, elevators, play grounds, etc Common elements condominium Consists of only common elements such as roads, parking lots, etc. NO UNITS IN CEC Co-operatives ownership A form of joint ownership in which the property is owned by the co-operating corporation and the members have an agreement to occupy (lease) a specific unit Equity co-operative This is a corporation where members are shareholders. Members receive a share certificate and the occupant agreement for a specific agreement non-profit co-operative This corporation is without share capital with the primary purpose of providing housing to its members. The members do not have any ownership interest but have only an occupancy agreements these corporations are usually run by governments and charitable organizations Rental housing owned by a community group, religious group, or non-profit organization to provide affordable housing. Fractional Ownership Provides immediate partial ownership of an asset without investment. All shared owners are treated as tenants in common and their right to use depends on the size of the fraction purchased. Co-ownership Alternative to tenancy in common ownership wherein two or more individuals purchase proportionate interest in a property as specified in the deed Land Lease Involves leasing the land, which gives the tenant the right to use the land (typically for a period of 20-99 years. This agreement permits ownership of a home without the added cost of purchasing land Lease under which the tenant leases only the land from the owner, but the tenant owns the building. Life lease Lute holder or life lease, as a tenant, owns a leasehold interest in a property for his/her lifetime. The tenant pays monthly maintenance fees for