Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
43 Cards in this Set
- Front
- Back
|
Three types of Concurrent interests
|
"Joint Tenancy- two or more own with the right of survivorship
Tenancy by the entirity Tenancy in Common " |
|
|
Tenancy by the entirity
|
Marital interest with the right of survivorship
|
|
|
Joint Tenancy
|
Two or more own with the right of survivorship
|
|
|
Tenancy in common
|
two or more own with no right of survivorship
|
|
|
Partition
|
The means available for co-owners to dissolve their relationship
|
|
|
Partition
|
The means available for co-owners to dissolve their relationship
|
|
|
Voluntary Partition
|
Always an option, and the parties all agree
|
|
|
Partition in Kind
|
A court action that physically divides the property if in the best interests in all
|
|
|
Forced Sale
|
A court can order that a property can be sold and the proceeds be divided among all interest holders if in the best interest of all parties
|
|
|
Waste in Co-ownership
|
All parties should not commit waste
|
|
|
Improvements for co-owners
|
No right to contribution for improvements… not all parties have to kick in. The party that does the improvement will get a credit if it gets sold. If the "improvements" reduce value, the value will be deducted from money given to them at sale
|
|
|
Responsibility to contribution for repair in co-ownership
|
All parties have to provide proportionally for the repair of the property so long as notice is given to all Tenants in Common to make the repair
|
|
|
Right to rent by Co-ownership
|
Purportional share…. 10% ownership? 10% rent received by the estate
|
|
|
Right of enjoyment in TIC
|
All parties have the same interst and can enjoy
|
|
|
Tenancy in common
|
"---own the same or different percentages in common, share the same rights.
When one Dies he leaves the remainder to his willed heirs" |
|
|
Termination
|
"The property interests can be divided into equal parts that consider individual interests if a party requests it
This division, if it can't be done equally, can still be valid if there is tertiary compensation for the loss Purportion of equal shares can be contested if one party contributes more to the purchase, provided no family relation or donative intent" |
|
|
TIC Right to alter
|
Has the right to alter property without consent. He gets no lein for his improvements, but will be indemnified for then should partition occur
|
|
|
Rent to other TIC tenants
|
A cotenant who who does not exclude is not liable for rent
|
|
|
Joint Tenancy with right of survivorship
|
"----requires the unities of interests. Only joint if the interests are identical, undivided, and obtained at the same time. Often looked at as a relic, but if it was clearly intended, it holds up
If a party dies, it is a bit like Survivor... last one living has sole ownership rights (Survivorship)" |
|
|
Alienability of JT
|
JT is alienable... it is not, however, divisible or descendable because of the survivorship element
|
|
|
Best language to overcome TIC to make Joint Tenancy
|
Joint tenants, with a right of survivorship, and not as tenants in common (completely unambiguous)
|
|
|
Divorce and Joint Tenancy
|
Divorce does not automatically sever joint tenancy
|
|
|
Four Unities
|
Four unities ---- time, title, interest, possession (most states do not require these... require a declaration of joint tenancy)
|
|
|
Consent to terminate
|
Do not need consent to terminate joint tenancy
|
|
|
Joint tenancy between family who unequally contribute
|
The parties will have equal parts ownership still. The unequal payment will be looken at as a gift.
|
|
|
Changing Joint Tenancy to TIC
|
A joint tenant can convey a property to himself as a tenancy in common to prevent survivorship to the other joint tenants
|
|
|
Joint Tenancy with FULL right of survivorship
|
CANNOT BE UNILATERALLY TERMINATED. (Michigan is the only state that has this option... works well for gay couples)
|
|
|
Joint tenant leases then dies while still leased
|
the joint tenancy expires upon the death of the lessor joint tenant. I.e. when joint tenant dies, lease dies too
|
|
|
Severance of Joint Tenancy
|
A sale… one person's joint tenancy severs the joint tenancy of the person's interest. The buyer becomes a tenant in common
|
|
|
Involuntary alienation of JT
|
Can occur... the interest is aliented and destroys the joint tenancy (can also occur with a levy or debt interest). The other parties of the JT retain right of survivorship (ABC are Joint Tenants, C’s right is alienated but A and B maintain survivorship interests. A and B cannot be forced by the courts to give up their interest for C’s sins. A and B have 2/3 JT with a tenancy in common with C. If A or B dies, the surviving party holds a TIC with C (2/3 to 1/3)
|
|
|
Lien and JT
|
a lien will not destroy a Joint Tenancy... you have to transfer title to destroy a JT right of survivorship
|
|
|
Partition of land in JT
|
If a party will not consent to just partitioning, you can sue in civil court to force a court ordered partition
|
|
|
Can you adverse possess Joint Tenants or TIC?
|
Yes. You have to “OUST” the other person completely and not allow the person on the property. You also have to communicate to the other party that they have been ousted. They have to be on notice that they have been knocked out of the property. Otherwise, the tenants still share equal property rights as one person.
|
|
|
Tenancy by the Entirity
|
"limited to married couples...very limited states use it. Today, neither spouse acting can sever the tenancy alone, and both husband and wife are looked at as equals
May have to be expressly stated and is not assumed in many jurisdictions when a husband or wife buys or acts as tenant of something" |
|
|
IF not married yet, or in jurisdiction where no Tenancy by entirity
|
Becomes a Joint Tenancy with right of survivorship
|
|
|
Death of a tenant by entirity
|
the surviving spouse retains possession unless he commits an intentional killing of the other side. The courts may consider a drunk driver getting in an accident with his spouse’s death resulting as an intentional killing, but it is arguable
|
|
|
Divorce and tenancy by the entirity
|
They become tenants in common (most) or joint tenants with right of survivorship
|
|
|
Forfeiture under federal drug laws with tenancy of entirity
|
One party violates drug laws (property used in drug selling or use can be seized). The spouse can be considered an “innocent owner” under the drug statute, and a number of solutions can occur. The government can seize the entire property, OR the spouse can be protected as an innocent owner and keep everything, OR what gets forfeit is the offending spouse’s present right to possess and a contingent right of survivorship. If the innocent party outlives the offender, she gets everything... if he out lives her, it disappears
|
|
|
Tenancy by the entirity and survivorship
|
Neither tenant can defeat the right of survivorship by unilateral action. Both husband and wife have to sell
|
|
|
What happens when a joint tenant conveys their individual interests?
|
It severs the joint tenancy
|
|
|
Mortgage and the severance of a joint tenancy
|
Two different approaches... title theory and lien theory
|
|
|
Title theory
|
a. Holds that mere act of mortgaging a piece of property is sufficient to sever a joint tenancy because legal title to the property is actually transferred
b. Borrower transfers title of the property to the lender |
|
|
Lien theory
|
a. Merely mortgaging property does not transfer legal title and is therefore insufficient to sever a joint tenancy
b. Lender enjoys a lien on the property instead of transferring title c. If borrower fails to pay back, then the house gets foreclosed i. Results in severance |
