Zack, Virgil, and Craig, friends for several years and all worried about the alarming rise in land prices, want to go in together to buy a four-hectare parcel in the country. There is a small cabin on it. They hope that the land value will appreciate, and they want to sell it in a few years to help finance a house of their own. Read each of the following separately and indicate which is true with regard to their ownership of this property.
◦ In Canada, in strict legal terms, the only owner of land is the Crown, and if they buy land free and clear, they are only getting a life estate.
◦ Ownership of the property entitles them not only to the surface of the earth between the boundaries, but also to the infinite airspace above and everything below the surface of their property.
◦ Once a decision is made to hold property as joint tenants, that decision cannot be changed.
◦ If they buy the land and later use it to secure debt, possession of the property will be transferred to the creditor until the debt is repaid.
◦ Ownership of the property does not guarantee their right to everything below the surface of their property.
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