Essay About Years Mortgages And Transfer Of Title Of Mortgagor

Encroachment
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Encroachment –possessory right to property of another – acquired through time (20 years or mote)Fixtures –Chattels permanently attached to real property — Are considered part of property Title to land Joint tenant –right if survivorship            – Equal ownershipTenants in Common   – (when you die) interest goes according your will                   – Can have unequal interests i.e. 25%, 75% PEI has land registry office One registry in each country To own land, must establish chain of title back at least 40 years Mortgages – Agreement between debtor + creditor in which title is transferred to creditor as security for payment ① transfer of title of mortgagor’s property to mortgagee(back) ② mortgagor retains possession until debt paid ③ contains provisions providing for transfer of title back to mortgagor when debt paid ④ imposes conditions on mortgagor to maintain property  ⑤ contains provisions that permit mortgagee to terminate mortgagor’s rights in event of default Most common – 1st mortgage or “legal mortgage”    Owners transfers title as security for loaw.    Mortgagor is left with possession and right to redeem when debt is paidCan also pledge property for 2nd mortgageOr “ equitable mortgage” – mortgaging “ equity of redemption House worth 110,000                Date    Registered1st mortgage 400,000 RBC          Aug 5th    Aug 7th 2nd mortgage 200,000 BMO         Aug 4th    Aug 9th 3rd mortgage 200,000 scotia bank Mortgagor’s right Right to possession, provided you comply with mortgage Right to re-conveyance of title when debt paid Mortgagor’s obligation Pay mortgage Pay property taxes Insure property re fireNot damage property Discharge When mortgager pays principal + interest, is entitled to discharge. When registered, is re conveyance of title to mortgagor.On default of any term, mortgagee can call for immediate payment of all principal + interest owing Power of sale (mortgage sale)If you default, bank can sell property at public auctionMust give 4 weeks noticeNotice is placed in newspaper for 4 consecutive weeksHeld at courthouse in county where property locatedConducted by sheriffBank can sell properly to recoup what is to them, plus any legal costsMoney left over, goes to mortgagorIf bank receives less than owed, bank can sue for difference.if property doesn’t sell, bank can list it for sale.Building mortgages 3 installments Land development mortgages CH4Tort law – wrongs between individuals (private wrongs)