Real Estate Law, Interests in Land, and Title
Estates, interests, and title
Candidates must distinguish the fee simple estate (the largest bundle of rights, potentially unlimited duration) from lesser estates such as life estates and leaseholds. Interests in land include easements (a right of use over another's land), covenants (restrictions enforceable in equity), licences (personal permission, revocable), and mortgages and charges. Understand the difference between joint tenancy (right of survivorship, four unities) and tenancy in common (distinct shares, no survivorship), because this drives countless exam questions about how title passes on death.
The Torrens system in BC
BC uses a Torrens-style land title system: title is registered in the Land Title Office, and the register is generally conclusive. Key concepts are indefeasibility of title, the assurance fund for persons deprived by registration error, and the priority of registered interests by registration date rather than notice. Know the difference between the parcel identifier (PID) and the legal description, and that most BC land is now described by PID with plans deposited in the Land Title Office.
Traps
Questions test whether an unregistered interest binds a purchaser. A caveat protects an unregistered interest by giving notice; a builder's lien may be registered and has special priority rules. Another trap is confusing an easement with a licence, or assuming a restrictive covenant runs with land without the required characteristics.
Worked example
A and B hold title as joint tenants. A dies. B becomes sole owner by survivorship; A's will does not control the property. If instead title read "A and B as tenants in common in equal shares," A's half interest passes under A's will or intestacy.