LAND LAW INTRODUCTION REVISION NOTES What is land? Law of Property Act 1925 s.205 (1)(ix) Land includes land of any tenure‚ and mines and minerals‚ whether or not held apart from the surface‚ buildings or parts of buildings (whether the division is horizontal‚ vertical or made in any other way) and other corporeal hereditaments; also a manor‚ an advowson‚ and a rent and other incorporeal hereditaments‚ and an easement‚ right‚ privilege‚ or benefit in‚ over‚ or derived from the land Law
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everyone will own or lease one in their lifetime. The biggest problem is the decision whether to buy or lease the automobile. Many people are faced with this question. Buying and leasing a car both have many positive and negative attributes. The beauty of it is that it is your choice! Leasing is one great way to get an automobile. The concept is quite simple. Leasing a car is almost like renting a car for an extended period of time (usually three years)‚ except at the end of the lease there is an option
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I initially worked for Azzouggagh & Balatidis Legal Services for my field placement‚ located at 310 Vaughan Valley Blvd. unit B‚ Vaughan Ontario L4H 3C3. The business was a corporation operated by two licensed paralegals‚ Issam Azzouggagh and Panagiotis Balatidis. The firm had been operating for two years. However‚ when I arrived‚ the corporation and partnership were being dissolved. I worked exclusively with Mr. Balatidis‚ who is now operating under Balatidis Legal Services‚ which is a sole proprietorship
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An indenture was a legal contract between a servant and master enforced by the courts. Men would sign these indentures to come to the new world and work for a master for up to seven years‚ to pay for their journey over‚ and then were set free. Also‚ if they paid a sum of money within a certain timeframe from his or her arrival‚ they would be set free. Servants were shipped over by the boatload and then advertised for sale when they arrived. They were barely given enough food to survive the trip
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Barry should transfer the title of the property from his name to his wife Lucy creating a life estate with the remainder to their three children in equal 1/3 shares as tenants in common. "Barry gives the land to Lucy for life and then Arthur‚ Brenda and Carrie” who shall remain tenancy’s in common. By creating the deed like this Barry is not only taking his name off of the deed but he is also giving his wife the house to live in for the rest of her life. This will accomplish what Barry wants as
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Role of local government in housing i. Examination of the housing conditions of the area‚ estimation of demand including the requirement of special groups such as the aged‚ physically handicapped and the homeless ii. Assessment of the housing supply including the physical condition of the existing dwelling and the size and scope of the building and acquisition program of all the agencies involved iii. Research to assess housing need to ensure that all available resources are used to the
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cost of funds • Availability of Funds • Debt : Equity Position • Nature of Assets (i.e. obsolescency) 2. What is Lease • Lease can be defined as contractual arrangement where the owner (lessor) of an equipment transfers the right to use the equipment to the user (lessee) for an agreed period of time in return of rental. • At the end of the lease period the asset reverts back to lessor unless there is a provision for the renewal of the contract or there is a provision for
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Capital Lease -Lessee Initially‚ the lessee recognizes the asset under his property‚ plant and equipment. The amount that should be debited is the Lower of asset’s fair value and present value of minimum lease payments. The present value is determined by discounting minimum lease payments using interest rates implicit in the lease. Also‚ initial direct cost that the lessee incurs in relation to the lease is added to the cost of recognized asset. On the credit side of the entry should be lease liabilities
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CHAPTER 21 Accounting for Leases ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis *1. Rationale for leasing. 1‚ 2‚ 4 1‚ 2 *2. Lessees; classification of leases; accounting by lessees. 3‚ 5‚ 7‚ 8‚ 14 1‚ 2‚ 3‚ 4‚ 5 1‚ 2‚ 3‚ 5‚ 7‚ 8‚ 11‚ 12‚ 13‚ 14 1‚ 2‚ 3‚ 4‚ 6‚ 7‚ 8‚ 9‚ 11‚ 12‚ 14‚ 15‚ 16 1‚ 2‚ 3‚ 4‚ 5‚ 6 *3. Disclosure of leases. 19 2‚ 4‚ 5‚ 7‚ 8 2‚ 3‚ 5 *4. Lessors;
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To: From: Subject: Lease Type and Lease Structure This memo includes research on leases and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB)‚ three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing‚ sales-type‚ and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some
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