Zack,Virgil,and Craig,friends for several years and all worried about the alarming rise in land prices,want to go in together and buy a four-acre 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.
A) If they do not indicate on the transfer documents the nature of the co-ownership, the law presumes they will take as joint tenants.
B) 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.
C) Ownership of the fee simple does not guarantee their right to everything below the surface of their property.
D) If they buy the land and do not take possession, in some provinces they could lose their right to claim possession, and their rights become a fee simple estate.
E) 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.

Question

Quizplus · Accepted Answer

Ownership of the fee simple does not include ownership of minerals or resources below the surface. These may be owned separately by the government or other parties, and the owners of the surface property may need to obtain separate rights or permissions to utilize them.

Answer: D
 In some provinces, failure to take possession of property within a certain timeframe can result in a loss of rights to claim possession. However, this would not affect the nature of their ownership as fee simple, which is the most complete form of ownership recognized in Canadian law.

Note: The other statements are not accurate or relevant to the scenario described.

Zack,Virgil,and Craig,friends for Several Years and All Worried About the Alarming