Glossary of Legal Terms

In land title practice, an applicant is the person or party making an application to register something in the land title system. The applicant may be an owner, lender, lawyer, or another authorized party.

An application is the package or request filed to register a document or change in the land title system. It is the formal step used to record interests affecting land.

A beneficial owner is a person who benefits from or effectively controls property even if another person or entity is the registered legal owner. Beneficial ownership can matter in transparency and trust-related matters.

A builder’s lien is a claim that may be filed against land when work or materials supplied to improve the property have not been paid for. It is meant to help secure payment for construction-related work.

A charge is a registered interest or claim against land, such as a mortgage, easement, or covenant. Charges appear on title and can affect the owner’s rights.

A charge number is the number assigned to a registered charge in the land title system. It helps identify a specific charge on title.

Common property is the part of a strata development that is shared by all owners rather than forming part of an individual strata lot. It can include hallways, roofs, and other shared spaces.

The completion date is the day the purchase money is paid out and the buyer becomes the registered legal owner of the property. In most B.C. residential deals, this is the main legal closing date.

A contingency reserve fund is the strata corporation’s savings fund for major repairs, replacements, and other common expenses that are not part of day-to-day operations.

A covenant is a registered promise that affects how land may be used or developed. In B.C. real estate practice, restrictive covenants often limit what an owner can do with the land.

A deposit is money paid as part of a real estate transaction to show that a buyer is serious about the deal. It is usually held in trust and applied according to the contract.

An easement is a limited legal right to use another person’s land for a specific purpose. A common example is a driveway or utility access route that crosses a neighbouring property.

An encumbrance is a registered claim, liability, or restriction that affects land. Mortgages, easements, covenants, and liens are common examples.

Fee simple is the most complete form of private ownership of land. Even so, the land can still be subject to registered charges, zoning rules, and other legal restrictions.

Fixtures are items attached to land or a building in a way that makes them part of the real property. They are often treated differently from movable personal property in a sale.

Foreclosure is a court process a lender may use after a borrower defaults on a mortgage. It is a legal remedy aimed at recovering the debt secured by the property.

Joint tenancy is a form of co-ownership where two or more owners hold the property together with a right of survivorship. When one joint tenant dies, that person’s interest usually passes to the survivor or survivors.

The Land Owner Transparency Registry is the B.C. registry created to collect information about individuals who have indirect interests in land through certain ownership structures. It is intended to improve transparency of land ownership.

A lease is a legal agreement giving a tenant the right to occupy or use property for a set period on agreed terms. It can apply to residential, commercial, or other property.

Leasehold refers to an interest in property held under a lease rather than full ownership. The rights are limited by the lease terms and duration.