Introduction to Real Estate

• Author: Tina Kamakaris/Jane Kamakaris/Louis Kamakaris
• Pages: 563-570

563

Chapter 30 Introduction to Real Estate

CHAPTER 30

is chapter covers an introduction to real property with a look at the most common types of

land ownership.

REAL PROPERTY

Real property, or real estate, is said to be the “bread and butter”of lawyers. Real property is land

and includes land that is vacant as well as land with permanent attachments such as buildings,

trees, and fences. Real property is to be distinguished from personal property which consists of

movable items such as mirrors, refrigerators, stoves, and electric light xtures, which the owner

may remove when selling. Real property may be bought, sold, leased, or nanced for either

residential or commercial use.

TYPES OF LAND OWNERSHIP

Whose land is it anyway Land in Canada belongs to the Crown, i.e. the government,

until someone buys it from the Crown; then, it belongs to the person who bought it. Further,

land escheats (reverts) to the Crown if an individual owner dies leaving no beneciaries. us,

the Crown is the ultimate owner of land. is is why the Crown has the power to expropriate

land (take it away from its present owner), with or without compensation. is is also why indi-

viduals who own land are technically referred to as tenants.

Freehold estate is means the Crown permits people to own, or hold, land free from

interference from others; hence, freehold estate (ownership). e most common types of free-

hold estates are fee simple and life estate.

FREEHOLD ESTATE

Fee Simple Estate

• Absolute ownership with right of

survivorship

Life Estate

• Lifetime ownership only, no right of

survivorship

Fee simple estate Translated from old English, this phrase means permanent, or most

absolute, ownership of land. It gives the right to pass the land to heirs, sell it, lease it, or dispose

of it as the owner wishes. Most people own land in fee simple. e phrase has evolved from early

invaders of England, thus:

INTRODUCTION

TO REAL ESTATE

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