There are several types of property ownership, including sole ownership (where one person owns the property entirely), joint tenancy (where two or more people own the property together with equal shares and right of survivorship), and tenancy in common (where two or more people own a property together, but with distinct shares that can be sold or inherited independently).

A mortgage is a loan specifically used to purchase real estate. The property serves as collateral for the loan, which means the lender can take possession of it if the borrower fails to repay the loan according to the agreed terms. Mortgages typically involve regular payments over a set period of time.

A trust condition is a legal requirement set by one party (usually a lawyer) in a real estate transaction that must be met before certain actions can be completed, such as the release of funds or transfer of documents. These conditions ensure that both parties fulfill their obligations before finalizing the deal.

The land titles system is a government-run registry that records all land ownership and transactions. In Canada, this system is based on the Torrens system, which provides a secure, accurate, and up-to-date public record of land ownership. It guarantees title to land and simplifies property transfers by ensuring the registered owner’s title is always clear.

Yes, you can buy a property jointly with relatives and other individuals, but there are risks in buying property with 1 or more individual(s). Many of the joint ownership risks may not seem apparent to the average buyer, but an experienced real estate/ real property lawyer will be able to explain your rights and the risks involved when buying a property with someone else. In a joint or co: ownership situation it is important that the intentions of the owners are well documented (is mom on title so you could get a mortgage or is she truly a beneficial as well as a legal owner), there is proper documentation to determine what happens to the property if 1 or more of the owners die, and the tax implications of being on title are understood.

Costs for a simple conveyance typically include legal fees, disbursements for property searches, registration fees, and any applicable taxes. Your lawyer can provide a detailed estimate based on your specific transaction.

Family property is defined as both real property and personal property. Generally, family property is property that at least 1 spouse owns (or has a beneficial interest in) at the date of separation. However, there are some circumstances where property acquired post-separation are considered Family Property.

Examples of Family Property are as follows:

1. shares or an interest in a corporation;

2. an interest in a partnership, an association, an organization, a business or a venture;

3. property owing to a spouse: (i)as a refund, including an income tax refund, or (ii)in return for the provision of a good or service;

4. money of a spouse in an account with a financial institution;

5. a spouse's entitlement under an annuity, a pension plan, a retirement savings plan or an income plan;

6. the increase in value of an excluded property.