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12 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Tenancy(to hold) |
Having interest in real estate. It also means having ownership interest in a property |
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Sole Ownership (tenancy in severalty) |
Owning real estate by yourself. |
Severalty: comes from word "sever", to cut off |
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Concurrent ownership(co-ownership) |
Ownership between 2 people who are not married. Two forms of co-ownership are tenancy in common and joint tenancy. |
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Tenancy in Common |
Two or more people own property together. It's usually stated in the deed. |
Note: if it is not stated in the deed, tenancy in common is automatically assumed when two or more buy property. |
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Principal Features of Tenancy in Common |
Undivided Ownership: land is not physically divided or split between multiple owners, but percentages/shares of interest granted in whole. |
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Equal/unequal Shares |
Percentage of ownership interest does not need to be equal. |
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Sale without Permission |
Owner can sell his/her share without permission from other owners. New owner is tenant in common w/previous owner's. |
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No Right of Survivorship |
If one owner dies, their share is given to heirs. Other owners do not have right to that share of property. |
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Joint Tenancy |
Ownership w/special features for two or more. |
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Four Unities of Joint Tenancy |
Unity of Interest: All owners have same interest in property. Unity of Possession: each owner's interest is in undivided property. Unity of time: All owners must take title of ownership at same time. Unity of title: All joint owners on the deed together. |
NOTE: although interest in property may be divided, land and building may not be divided. (No physical division of property exists). Note: Any brother/sister who owner house could buy property as joint tenants. If one dies, the other takes title of property. |
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Difference Between Joint Tenancy and Tenancy in Common |
As joint tenant, one has right of survivorship; tenancy in common has no right of survivorship. |
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Right of Survivorship |
If one of the joint tenants dies, the other automatically takes title to deceased tenant's interest. |
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