Introduction to Real Estate

These flashcards cover key vocabulary and concepts related to real estate and property ownership as discussed in the lecture.

Crown

The government; in the context of property, it refers to land ownership by the government.

Real Property

Land that is either vacant or has buildings or permanent attachments.

Title Document

A document showing who owns a property and how they acquired it.

Fee Simple

Absolute ownership with full rights to the property, including the right of survivorship.

Life Estate

Ownership of property for the duration of a person's life, without right of survivorship.

Leasehold

A legal interest in property created by a lease, allowing occupancy for a specified term.

Joint Tenants

Property ownership by two or more individuals with rights of survivorship.

Tenants in Common

Property ownership by two or more individuals without rights of survivorship; ownership can be unequal.

Easements

The right of one landowner to use part of another landowner's property for a specified purpose.

Water Rights

Legal rights concerning the use and flow of water; typically owned by the Crown.

Agreement of Purchase and Sale

A binding contract created from an offer, initiating a real estate transaction.

Land Titles System

A property registration system guaranteeing the accuracy of title under government oversight.

Registry System

An older property registration system that does not guarantee title accuracy.

Legal Description

A formal description of land used in legal documents, distinct from a street address.

Plans Registered Plans of Subdivision

Documents used to divide property into smaller residential or commercial lots.

Reference Plan

A survey used for a property severance, providing clearer legal descriptions.