Friday, December 4. 1998 - North Shore News - 59 COOH OTEHOH DREHER EHESOSEORORECHEOESHESECOCE HSE HOSES EV SESE HOHHSEHOHEOHHEEHESCHHAHSEHH HOLE EEHAO THESES Major changes on real estate front SUPPOSE that three years after buying your dream home which you have mortgaged to the hilt, you received a let- ter saying that a mis- take had been made. Apparently, the person vou bought the home trom was uot the legal owner anid the true owner — as proven with supporting legal docu ments — was now claiming cour home and wanted you and Vour possessions out by the end of the month. Appareutly. the true ow ner, the brother of the person vou bought the home from, had been away on an estended around the world sailing heli- dav. While he was gone he allowed his brother zo move into the Reme and care for it in his absence. The unscrupulous brother, aceding money to pay ort a gambling debt, sald the house to veg and pocketed the cash. Now the trug owner wants his property back. Could this nightmare hap- pen? Absolutely! ff vou hved inthe U.S.A, this could very easly happen — that is why they have an instrament of protection culled “title insur- ance.” Do we need title insurance No. Will it be forced > Most probably, just what does the term “tithe” nican? Do you actually own your home or any property in Canada for that miatter? No, Aland is owned by the Crown (land chim treaties may change this). In gaining what we commonly refer to as owner: ship, what vou are actually buying, ss a “bundle of rights” to specifically defined area ef land. The more rights you have in vour bundle, che greater the bundle’s value, In Canada property lines the greatest bundle Gi rights wknown as fee simple owner ship. ‘The term “tee” stems from feudal times and described! a heritable ight te fand. The term “simple” meant that there was ne qualification os te wpe oF heir who coald inkent. Thus we get the term fee simple -—anestate in land that can be willed to whoever we wish, Other ownership cinterest) forms of lesser value are strata tide, fractional interests, dite estates, leasehold interests and sa on. Other cominon interests in dinnd that affect the bundle of nghes ofa property are restricdons such as: an ease ment — which isa privilege acquired by a landowner tor the benefit of his land over the land of another, A right- of-way is an example of an easement. Another is the restrictive covenant — which imposes 2 restriction on the use of ene person's Land tor the benetit of another piece of land, for example lintiting the height of a building so as not to block a view, Thus the title to a specific tract of land outlines the actual boundaries of the land and any restrictions thar limit how the land can be used. The less restrictions placed on the land, the higher the value. All this information is recorded on the title of the property and stored at the local Land Registry Office. Thus, when buying a home, you are pot buying the band outright bara aye bundle ar mght: tot a descabad onthe ual what os attached to that Lind tthe burldings) Now, back to the opening nightmare scenario. How do vou know that the nde vou of establishing the Shain ot tite takes place upen ouch land transaction This process reviews all the past relevant deeds and other decumenty thar could affect a particular property, thus proving the ttle vou are bing is what the seller save ths, Obvious, chis is a neces sary task vet itis very cum: bersame, inconvenient and an ENPOTSING Pre ENS, are buying ts trom the vahd owner of the land — the legitimate title owners? In the U.S.A. and other parts of the world. 6 process Te portant this work. ude search at DANES Were otek ed. Phen task as to trick threagth all past ode evchanges to ensure that a legal chair of ne transters ty iy effect. However, even the most diligent of people make ints takes, so to ensure that no one would suffer toss if ans: iake in title had been cver- looked. title insurance was created, MI a Wrapping up THE entrance to the Sritisn Properties is now graced by a Christmas dispiay which includes a giant ribbor:, thanks to the hard work of West Vancouver Parks employees Shirley McKell (left to right), Les Kadulski and Jim Dodds. Fae VOC MERE ae ree ADDRESS: 2465 Berton Place PITTI TIPE TTI LOT SIZE: 7,508 sq. ft. INTERIOR SIZE: 4,276 sq. ft. neem ean eee eseree resto reaanererserereseses Vile insurance pane taultoinsurance policy thaw compensates fenders or Luss ers ter am dithe problems that mav arse inthe tunive. Phus, asa danowner with a tithe insurance policy, should ans challenge to the ile an bis property arise, the insurance derends the une, bearing the costs and paving any judg- ments to the financial limit of See Title page 67 NEWS photo Mike Wakefield A home for the holidays! You'll enjoy holidav entestaining in this storybook, tudor located in prestigious Berkley Estates. Enter into a spacious NUMBER OF SEDROOMS: 4 up + 2 down NUMBER OF FLOORS: 3 ASKING PRICE: $659,000 unday } - 3pm OPEN HOUSE: were cera ne mcm eee ream esa see ne nese ree sn ees LISTING AGENT: Barb Wilks, 924-0693 eeevesasecee . SPECIAL FEATURES: Quality finishes, air conditioning, two hot water tanks, built-in vacuum & sprinkles. open foyer, leaded glass doors to formal living and dining room, huge gai kizchen with island and eating area. Delightlul family room and den apening to private garden and hot tub. Unstairs find four generous bedrooms, master sizite with gas fireplace and stunning ensuit2. Basement level fuily finished with twe hedrooms, recreation and games room. Walking distance to schools. Easy access to downtown. SLA TA A STO EE PENNE TE ETO EE: TC I A eT NE TES Sutton Group - Seymour Realty