Exam (elaborations) BUS 300 (BUS 300)

Question A (i) Identify the current owner/s of each home WN711/236- The current owner of the home are John Michael and Susan Mary Bryant under fee simple ownership. The owners own the land and anything else built on it unless there are any form of registered or unregistered interests. WN127/488- The current owners of the property are Peter Brian ½ share and Sarah Kate Wilson ½ share under cross lease. This means that the Brian and Wilson are joint owners of the home. The lease is usually for 999 years for a nominal rent of about 10 percent every year. WN58A/764- The property is owned by Oka Leota, Simisi Leota, and Waterford Trustee Company Limited under stratum in Freehold. In this type of title, the apartment and any accessory units such as garages and car parks are contained in one title. There is undivided share of ownership for common property such as lobby areas, gardens and laundries. - The current owners of the property are Desmond David Wang and Daisy Joy Wang under leasehold. In this form of ownership, some else owns the home, and obtain a payable rent. - The home owner is Valley View Apartments Limited under owner corporation. This is form of ownership when all unit owners in a unit title make up a body cooperate. The body cooperate is responsible for financial and administrative matters. (ii) Explain each property in terms of tenure. In your explanation describe how the tenure affects the rights and obligations of the owners. Fee simple – This is a type of land tenure in which a person holds the title in eternity until he sells it. The holder can sell or transfer the interest or use the property to secure a mortgage loan.