Class notes

Class notes REAL ESTATE - MIDTERM NOTES

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Course
REAL ESTATE

Institution
Ryerson University (Ru )

Trends in the Real Estate Marketplace Why Study Real Estate Law? Legal System • Common Law = court made law • Statute Law = gov't made law Division of Powers • Federal law effects real estate bc they can indirectly regulate it o Ex. Real estate developers cannot build tall building...

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Uploaded on January 4, 2022
Number of pages 18
Written in 2021/2022
Type Class notes
Professor(s) Nick iannazzo
Contains Midterm notes

real estate
real
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law
business law
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ryerson
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Week 1
Trends in the Real Estate Marketplace (Class Discussion)
 3-5 years = flat line
o Income levels
o Affordability
o Rental rates increase
o Stress test
o Air bnb -> disrupt
 Increases
o Growing population in Toronto
o 15% non-resident speculation tax
 Made to ensure ppl who live in T.O can afford homes
 Given to ppl who buy property but do not live in T.O (international investors)
 Seniors selling
 U.S federal rate increase
 Canadian rate increases
 Rent controls
 Industrial
o Low cap rates
o Office leasing/rates
o Calgary vs. Toronto
Why Study Real Estate Law?
 Very important
o Housing, businesses, environment
 Impacts financial institutions --> banks use real estate as collateral bc you can't move it
 Impact gov't --> if banks use real estate as collateral and real estate goes down then the bank goes in debt and the
gov't must help them
 Manage risk in buying, selling, owning, and managing real estate

Legal System
 Common Law = court made law
 Statute Law = gov't made law

Division of Powers
 Federal law effects real estate bc they can indirectly regulate it
o Ex. Real estate developers cannot build tall buildings near airports

Jurisdiction Over Real Estate
 Provincial law has jurisdiction over real estate

Conflicts/Disputes
 Federal vs. Province
 Municipality vs. Province
 City of Toronto wants new revenue generations tools
 Building and financing affordable housing
 Airports
 Waterfront development
 Waterways

Charter of Rights and Freedoms
 No property rights (to own and enjoy property)
 Gov't can regulate real estate
o Regulate real development (ex, zoning, planning, subdividing)
o Regulate resource industries
o Protect environment
o Restrict foreign ownership

,  Protects us from the gov't (any authority), however, in the charter, there are no property rights which means that
gov't can infringe upon our property rights

Jurisdiction & Authority over real estate
 Provincial Delegated Authorities
o TARION: if you fall w/n warranty, you can make a TARION claim
o Real estate council in Ontario
 Regulates real estate agents
o Condominium Authority
 This authority also has a tribunal, tribunal will be decision makers wil solve decision b/w tenants and
tenors

Brief History of Real Estate
 King makes deals with ppl to use his land in return for:
o Loyalty
o Fight for him
o Work the land
o Give him stuff (ex. Crops)
*refer to diagram #1

Real Estate Ownership
 Rights to surface
o Reasonable amt of sub surface
o Reasonable amt of air space
 Real estate is different from other property bc:
Fee simple esate
--> best rights to land (next to gov't)
--> can enforce those rights to anyone in the world
--> (ex. if you have a trespasser on your land you can have them removed)

Privity Doctrine
 Only they can sue on the contract (ex. Only buyer can sue seller, only seller can sue buyer)
*refer to diagram #2

Estates and Interest
 Estates: exclusive rights to possess land for a period of time
 Interests: no possession on the land; can't sit there for a long period of time
 Expropriation: gov't takes away the bundle of rights

Life Estates
 Bundle of rights for duration of particular life
 Bundle of rights --> same limitations as fee simple but when you die someone else can have their rights, therefore,
you cannot waste the property/de-value the property

Restrictive Covenants
 Negative
 Stay with land --> a new person can buy the land, but they still have to abide by the RC
o Obligation to do something doesn't "run with the land"

Mineral Leases "ML"
 Gov't owns the minerals

Profit of Prendre (Interest in Land)
 Rights to go on someone s property to take something from it (ex. Cut a tree and take it)

, Leasehold Estate
 Leasing law = landlord friendly

"Running with the Land"
 Bound to them
VS
"Not Running with the Land"
 Not bound to them

Licence
• does not run with the land
• permission to occupy space

Land Registration Systems
• records of fee simple, profit prendre, etc.
• helps check title and ownership
• 2 Types:
a. Registry System
b. Land Titles System

Registry System (OLD)
• collection of docs.
• gov't does NOT assure you of anything
• goes back to 40 yrs ONLY
• determines "chains of titles"

Land of Titles Systems
• gov't doesn’t just collect docs
• cares what's in the docs
• gov't CAN guarantee validity
• you can make a claim to the gov't if you suffer a loss due to believing what was told by the LTS
• in certificate of title --> docs are pulled out and opened
• based on 3 Principals:
a. Mirror: what you see is what you get
b. Curtain: not having to go behind the curtain (aka 40 yrs) to determine validity
c. Insurance: if you rely on the gov't and they make a mistake you can go after the gov't
• indefeasibility: with few exceptions, interests in the C of T cannot be defeated
*refer to diagram #3

Priorities Rule
• time of registration determines your priority

Unregistered Interests in LTS
• cannot just rely on the C of T

Subdivision Control
• buying land, then dividing it and selling it
• sec. 50 Planning Act (Ontario)
• limiting the division of property
• 21-year rule: not being able to lease land for 21 years
• agreement of purchase of sale (APS) is void if it's not made in the right compliance
*refer to diagram #4

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