Mixed Deck — All OREA Topics Flashcards

What is the 'Land Registrar's' role in Ontario's land registration system?

Answer: To administer the land registry office, accept or reject documents for registration, and maintain the accuracy of the land register

The Land Registrar is the official responsible for administering the land registry office, examining and accepting or rejecting documents submitted for registration, and maintaining the integrity and accuracy of the land register.

What is the 'final walkthrough' or 'pre-closing visit' in an Ontario residential transaction?

Answer: An opportunity for the buyer to visit the property before closing to verify it is in the agreed-upon condition, that included chattels and fixtures are present, and that the property is vacant

The pre-closing visit allows the buyer to confirm that the property is in substantially the same condition as when the offer was made, that all agreed-upon chattels and fixtures are present, and that the seller has vacated. It is not a second inspection but a verification visit.

In Ontario, what is an 'application for absolute title' in the Land Titles system?

Answer: An application to upgrade a qualified or possessory title to absolute title, providing the highest level of title guarantee

An application for absolute title is the process by which a property with possessory or qualified title can be upgraded to absolute title, which provides the highest level of government guarantee. This typically requires evidence that the title is free from adverse claims.

In Ontario, what is 'electronic registration' and what are its requirements?

Answer: The process of registering legal documents affecting title electronically through Teranet's system, requiring authorized users with digital signatures

Electronic registration in Ontario allows authorized users (lawyers and their delegates) to register documents affecting title electronically through Teranet's e-registration system. Users must be authorized, use digital signatures, and comply with electronic registration requirements.

Under Ontario law, what is the 'Fraudulent Conveyances Act'?

Answer: It allows creditors to set aside transfers of property made with the intent to defraud creditors

The Fraudulent Conveyances Act allows creditors to challenge and set aside transfers of property that were made with the intent to defeat, hinder, or defraud creditors. Such transfers can be declared void.

What is an 'execution' search in Ontario real estate?

Answer: A search of the sheriff's office records to determine if there are any outstanding court judgments or writs of execution against the property owner that could affect the property

An execution search checks the sheriff's office records for outstanding writs of execution, judgments, or liens against the property owner. Outstanding executions can bind the property and must be cleared before the transaction can close safely.

Under the Ontario Statute of Frauds, what is required for a contract for the sale of land to be enforceable?

Answer: The contract must be in writing, signed by the party to be charged

The Statute of Frauds requires that contracts for the sale of land or any interest in land must be in writing and signed by the party against whom enforcement is sought. Verbal agreements for the sale of land are generally unenforceable.

What is the purpose of the 'Environmental Protection Act' in relation to Ontario real estate?

Answer: It addresses contamination, environmental assessments, and liability for environmental cleanup on properties

The Environmental Protection Act governs the discharge of contaminants, environmental orders, and cleanup liability. Property owners can be held responsible for environmental contamination, making environmental assessments critical in real estate transactions.

What is the 'Home Buyers' Plan' (HBP) and how does it help Ontario homebuyers?

Answer: A federal program allowing first-time homebuyers to withdraw funds from their RRSP tax-free to use as a down payment, which must be repaid over 15 years

The Home Buyers' Plan is a federal program that allows qualifying first-time homebuyers to withdraw up to a specified amount from their RRSPs without immediate tax consequences to use as a down payment. The withdrawn amount must be repaid to the RRSP within 15 years.

In Ontario, what is the concept of 'notice' in land registration?

Answer: The principle that registration of a document provides constructive notice to the world of the interest claimed, and knowledge of an unregistered interest may constitute actual notice

Notice in land registration can be constructive (through registration on title) or actual (personal knowledge). Once a document is registered, the world is deemed to know about it. A person who has actual knowledge of an unregistered interest may also be affected by it.

How does REBBA 2002 define a 'brokerage'?

Answer: A corporation, partnership, or sole proprietorship that is registered to trade in real estate

Under REBBA 2002, a brokerage is defined as a corporation, partnership, or sole proprietorship registered under the Act to trade in real estate. All salespersons and brokers must be employed by a registered brokerage.

What is 'anticipatory breach' in Ontario real estate contract law?

Answer: When one party indicates, before the performance date, that they will not fulfill their contractual obligations, giving the other party the right to treat the contract as breached

Anticipatory breach (also called anticipatory repudiation) occurs when one party clearly indicates before the due date that they will not perform their obligations. The non-breaching party can treat the contract as breached immediately and pursue remedies without waiting for the performance date.

In Ontario, what is 'title searching' and why is it important?

Answer: The process of examining the land registration records to determine ownership, verify the legal description, and identify any encumbrances or defects affecting the property

Title searching involves examining the land registration records to verify who owns the property, confirm the legal description, and identify any registered interests (mortgages, easements, liens, restrictions) that affect the property. It is essential for ensuring clear title.

What is 'dower' and does it still apply in Ontario?

Answer: Dower was a wife's common law right to a life estate in her husband's lands, but it has been abolished in Ontario and replaced by Family Law Act provisions

Dower was a common law right giving a wife a life estate in one-third of her husband's lands. It has been abolished in Ontario and replaced by the spousal rights provisions under the Family Law Act, including matrimonial home protections.

What is an 'easement' in Ontario property law?

Answer: A right to use another person's land for a specific purpose, such as access or utilities

An easement is a non-possessory right to use another person's land for a specific purpose, such as a right-of-way for access, utility lines, or drainage. It 'runs with the land' and binds subsequent owners.

What are 'land titles conversion qualified' (LTCQ) properties in Ontario?

Answer: Properties converted from the Registry system to the Land Titles system but with limited title guarantee due to the lack of a full title search

LTCQ properties were converted from the Registry system to the Land Titles system without a full title search. They carry a qualified title guarantee, meaning some historical title defects may not be covered by the Land Titles Assurance Fund.

What is the 'curtain principle' in Ontario's Land Titles system?

Answer: The principle that the register is the definitive record and buyers need not look behind it to investigate historical dealings or trust arrangements

The curtain principle means that the Land Titles register provides all the information needed about ownership and interests. A purchaser does not need to investigate behind the register — historical dealings and trust arrangements are 'behind the curtain' and do not affect the purchaser.

In Ontario, what is a 'subdivision agreement' under the Planning Act?

Answer: An agreement between a developer and the municipality setting out conditions for developing a plan of subdivision

A subdivision agreement is entered into between the developer and the municipality, specifying the conditions that must be met for the subdivision to proceed, including requirements for roads, services, parkland dedication, and other infrastructure.

What is 'mutual mistake' in Ontario real estate contract law?

Answer: When both parties share a fundamental misunderstanding about a material fact in the contract, which may render the contract void or voidable

Mutual mistake occurs when both parties are mistaken about the same fundamental fact (such as the identity of the property or its essential characteristics). If the mistake is about something fundamental, the contract may be void; if about a less essential matter, it may be voidable.

Under Ontario law, what is the significance of 'Teranet' in real estate?

Answer: It is the company that manages Ontario's electronic land registration system and provides title searching services

Teranet manages Ontario's electronic land registration system, providing access to property records, title searches, and document registration services. It operates the POLARIS (Province of Ontario Land Registration Information System) database.