Project 1 PART B - FIELD PROJECT (70 MARKS) You must complete Question 1 [all parts], plus ONE of either Question 2 OR Question 3. 1 . The following questions below are based on your Project 1 - Title Search document. To obtain this document, go to the online readings section of your Course Resource page, scroll down to Projects and click on the Project 1 - Title Search link. (a) Answer the following questions, based on the information in your Project 1 - Title Search document. (20 marks) (i) Type of property (ii) Interest purchased (iii) Legal description (iv) Municipality in which the property is located (v) Current registered owner(s) (vi) Date of application entered (vii) Declared value when acquired by current owners (viii) Pending applications (ix) Charges against the property ( x ) Location of the duplicate certificate of title (b) Describe how each item listed under "Charges, Liens and Interest" described in the Project 1 -Title Search will affect the title of property. (5 marks) (c) Briefly discuss the principles of the Torrens System and explain whether you think the main objectives of the Torrens System are met with British Columbia's system. How does the Assurance Fund affect the fairness of the system? (5 marks) (d) Assume the owners of the property identified in the Title Search document intend on having their adopted child, Betty, live in the property until she dies. The owners also want Betty's half sibling, to receive the property, that is, they want to make sure Betty cannot sell it or give it to anyone else. The owners state in their will that Betty shall not be responsible for waste of any kind. (1) Discuss how the transfers of the property should ideally be set up, in order to meet the owners' demands. Show how this would be written. (4 marks) (ii) While the Betty lives on the property, what obligations does she have regarding the heating bill, the insurance bill, and the remaining portion of the mortgage? (3 marks) (iii) Can Betty commit waste of any kind? (3 marks) Note: Use only the Project 1 - Title Search found in your Course Resources for this project. No other title searches will be accepted.BRITISH COLUMBIA REAL PROPERTY LAW AND REAL ESTATE ETHICS BUSI 111 Course Workbook UBC SAUDER Real Estate SCHOOL OF BUSINESS Division1 /2 + 74.8% TITLE SEARCH PRINT 2015-04-07, 16:10:33 File Reference: 2015-04-07 Requestor: Shannon Yang Declared Value $ 375500 *#CURRENT INFORMATION ONLY - NO CANCELLED INFORMATION SHOWN** Title Issued Under STRATA PROPERTY ACT (Section 249) Land Title District VICTORIA Land Title Office VICTORIA Title Number BX211991 From Title Number BW378981 Application Received 2007-04-07 Application Entered 2007-04-10 Registered Owner in Fee Simple Registered Owner/Mailing Address: AUBREY HUGHES, TRANSLATOR PAT HUGHES, ENTERTAINER #111 - 1334 ESTERLAND DRIVE CAMPBELL RIVER, BC V8E 872 AS JOINT TENANTS Taxation Authority CITY OF CAMPBELL RIVER Description of Land Parcel Identifier: 012-058-223 Legal Description: LOT 18 SOUTH EAST 3 SECTION 35 CAMPBELL RIVER DISTRICT PLAN 10212 Legal Notations NONE Charges, Liens and Interests Nature: EASEMENT Registration Number: IX21239 Registration Date and Time: 1999-02-16 13:49 Remarks: PART SHOWN ON PLAN B34309 DD S13145 APPURTENANCEOT 3, PLAN BCS363 Nature: CLAIM OF BUILDERS LIEN Registration Number: TX21239 Registration Date and Time: 2015-02-16 13:49 Registered Owner: BOB'S TILING SERVICE LTD. Title Number: BX211991 TITLE SEARCH PRINT Page 1 of 2Charges, Liens and Interests Nature:- EASEMENT Registration Number: TX21239 Registration Date and Time: 1999-02-16 13:49 Remarks: PART SHOWN ON PLAN B34309 DD $13145 APPURTENANCEOT 3, PLAN BCS363 Nature: CLAIM OF BUILDERS LIEN Registration Number: TX21239 Registration Date and Time: 2015-02-16 13:49 Registered Owner: BOB'S TILING SERVICE LTD. Title Number: BX211991 TITLE SEARCH PRINT Page 1 of 2 TITLE SEARCH PRINT 2015-04-07, 16:10:33 File Reference: 2015-04-07 Requestor: Shannon Yang Declared Value $ 375500 Duplicate Indefeasible Title NONE OUTSTANDING Transfers NONE Pending Applications NONE WE DELL