Question:
The following questions below are based on your Project 1 – Title Search document. To obtain this document, go to the online readings section of your Course Resource page, scroll down to Projects and click on the Project 1 – Title Search link. (a) Answer the following questions, based on the information in your Project –
Title Search document. (20 marks) (1) Type of property (ii) Interest purchased (iii) Legal description (vi) Municipality in which the property is located (v) Current registered owner(s) (vi) Date of application entered (vii) Declared value when acquired by current owners (viii) Pending applications (ix) Charges against the property (x) Location of the duplicate certificate of title (b) Describe how each item listed under “Charges, Liens and Interest” described in the
Project 1 -Title Search will affect the title of property. (5 marks) (c) Briefly discuss the principles of the Torrens System and explain whether you think the main objectives of the Torrens System are met with British Columbia’s system. How does the Assurance Fund affect the fairness of the system? (5 marks) (d) Assume the owners of the property identified in the Title Search document intend on having their adopted child, Betty, live in the property until she dies.
The owners also want Betty’s half sibling, to receive the property, that is, they want to make sure Betty cannot sell it or give it to anyone else. The owners state in their will that Betty shall not be responsible for waste of any kind. (i) Discuss how the transfers of the property should ideally be set up, in order to meet the owners’ demands.
Show how this would be written. (4 marks) (ii) While the Betty lives on the property, what obligations does she have regarding the heating bill, the insurance bill, and the remaining portion of the mortgage? (3 marks) (iii) Can Betty commit waste of any kind?
