SITUATION 3: You want to give your adult child a portion of your property before your death or outside of anything in your will, but you have heard of a legal presumption that would reverse the effect of the gift if you do not properly record your wishes. Land ownership, also known as fee simple ownership, is registered by registrars and auditors at LTSA`s land titles offices. The disadvantage is that any financing or use of the property for profit must be approved by all parties and cannot be transferred by will to an outside party after the death of one of them, as it automatically goes to the surviving owner. Unlike joint tenancy, tenants own their respective part of the property individually and can dispose of or encumber it at will. This type of title can be entered into at any time, even years after other owners have entered into an agreement. The property may be desired by other parties, and in the event of death, the property passes undivided to the heirs of that owner. A corporation is a form of business ownership in which ownership of a commercial real estate asset is held by an owning company. The most important advantage of this form of ownership is that it gives limited liability to its shareholders, thus reducing real estate ownership. However, liability is a disadvantage of this form of ownership. For example, it can be sued if a person suffers damage on the company`s premises. In addition, an asset can be bought and sold by a creditor.
Most homeowners purchase liability insurance to mitigate this problem. An ICT does not automatically allow for survival rights. All tenants share responsibility for all debts on the property. Joint and several liability may arise, for example, for property taxes. This means that each owner is liable up to the full amount owing. If one owner is unable to pay their share, the other owners are liable. All liens on the property must be erased so that a complete transfer of ownership can take place. Senior`s first BC public legal education article above was written in 2009. It contains only general information and does not replace legal advice about your particular situation.
Condominium title is a form of ownership designed for multi-storey apartment buildings and horizontal subdivisions with common areas. The word “layers” refers to dwellings located on different levels. The type of property – sole proprietor, tenant, roommate, etc. The common ownership lease is a type of condominium where each tenant owns a share of the property. This share can be equal or unequal, and each tenant has the right to sell or transfer their shares at any time. This type of lease is often used for land ownership and commercial real estate. There are no survivors` rights included in this type of property. If a tenant dies, his share of the property passes to his heirs. If you want to add someone to a joint account, you should talk to your bank or credit union. You may want to read this brochure on joint ownership of bank accounts: Other countries that have adopted Australia`s system (or a similar variant) of home ownership include Canada (Alberta, British Columbia), Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Africa and the United Arab Emirates. Other countries have legislation based on similar principles, but which has different definitions and uses different mechanisms in their management.
If married individuals wish to own real estate outside of their spouse, title insurance policies generally require the spouse to expressly relinquish ownership of the property. 4. Paragraphs 2 and 3 shall not apply where the current owner proves that the current owner or a person from or through whom the current owner derived his right or ownership of the immovable property did not exist. Real estate can be both commercial and residential. Commercial real estate includes office buildings, warehouses, shopping malls, and other types of commercial space. Residential property, on the other hand, consists of houses, condominiums, apartments and any other type of real estate intended for housing. Real property may also be owned by a trust. These legal entities own the property and are managed by a trustee on behalf of the beneficiaries of the trust.
There are many advantages and disadvantages to owning real estate that do not fall within the scope of this article, but all have to do with the advantages of management influence and financial and legal liability, in addition to tax and preferential considerations. (b) The failure of a Seller to give a Buyer a legal obligation to make and provide copies of the ownership documents shall not constitute an objection to ownership if, after entering into the Contract, the Buyer has a reasonable right to return the copies confirming its title. Co-operative real estate ownership is similar to owning a unit in a layer. But instead of owning the interior of your own entity and sharing ownership of community property, the owners of a cooperative each own a share of the business that actually owns the building or complex. This shareholding then gives you the right to occupy a unit within the co-op, as long as you don`t break the co-op`s rules and pay your housing costs on time. Some provinces require housing co-operatives to be not-for-profit. Since you are not buying the beneficial property when you buy a co-op, you will need another type of financing from your lender called a stock loan. It works the same way as a mortgage, except that your share in the co-op is the collateral for the loan instead of the property. Like a shift, all co-op owners share the cost of repairs and maintenance through a monthly fee. The owners of a co-operative must follow the rules and regulations established and administered by a board of directors elected by the members of the co-operative.
The co-op`s board of directors also has the power to approve or reject potential new members. The committee`s decisions must be consistent with provincial human rights legislation. A variant of a cooperative mode is cohabitation. A cohabitation subdivision is a community of households that live independently and share common facilities such as kitchen, dining room, playground, laundry room and storage room. Residents share common activities such as communal dinner, child care, cleaning, maintenance. Cohabitation subdivisions are often founded as non-profit corporations, which then become developers of their own complex. The property of individual units is usually structured as a layer. A local example of cohabitation is Cranberry Commons in Burnaby. Real estate, on the other hand, includes physical ownership of real estate as well as a set of ownership and use rights. Ownership of the real estate must be transferred upon sale of the asset and it must be released for transfer.