Concurrent Ownership

Front 1

Tenancy in Common

Back 1

Concurrent Estate with no right of survivorship.
2) Each co-tenant owns an individual part and each has a right to possess the whole.
3) Each interest is totally transferable.
4) Court presumption favors the TC.

Front 2

Joint Tenancy with Right of Survivorship

Back 2

1) Upon death, JT's shares pass automatically to fellow JT's.
2) His interest is alienable, but not divisible or descendible because of ROS.
MUST BE EXPLICIT

Front 3

Creation of JT ROS/ PITT

Back 3

1) Identical rights in POSSESSION.
2) Identical INTERESTS
3) At the same TIME.
4) By the same TITLE.

Front 4

Severance of JT/ SPAM

Back 4

1) SALE or transfer of JT interest to an outsider, even without the other owners' knowledge or consent, will sever JT.
2)PARTITION- parties can agree to sever./ in kind- courts place boundary separating covenants./ by sale-courts can order sheriff to sell property.
3) MORTGAGE- A JT's execution of a mortgage on his or her interest will not sever the JT, however, other JT's will take the deceased interest in the subject to liability existing at time of death.

Front 5

Rights Between co-tenants (both JT ROS and TC)

Back 5

1) Possession-enjoy the whole
2)Rent- absent ouster, one co-t does not owe the other rent/ however, a co-t who leases all or part of the premises to 3rd party must give fair share of rent to other co t.
3) Adverse possession- hostility element needs to present for 1 co-t to adverse possess the property.
4) Carry costs- each co- t is responsible for carrying costs including taxes and mortgage interest payments.
5) Repairs- each co-t is responsible for their share for repairs. NOT IMPROVEMENTS.
6) Waste- co- T may bring action against the other for waste.
7) Fiduciary duties.