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8 Cards in this Set
- Front
- Back
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When one person, single or married, or a legal entity such as a corporation owns property, it is referred to as sole ownership or: |
OWNERSHIP IN SEVERALTY (SEVER) The interest of the owner is severed and separate and apart from the interest of any other person. |
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Simultaneous ownership by two or more owners is called: |
CONCURRENT OWNERSHIP OR CO-OWNERSHIP |
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Various types of Co-ownership include: |
1. Tenancy in Common 2. Joint Tenancy 3. tenancy by the entirety |
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No right of survivorship as in Tenancy in Common refers to: |
When a tenant in common dies, his interest in the property passes to his heirs, NOT TO THE SURVIVING CO-OWNERS. |
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What is Tenancy in Common |
When an estate of land is held by two or more persons, with the feature that upon death of one party there is NO right of ownership. a. descends to heirs or to parties named in the will. b. Holds separate and distinct title but with unity of possession. c. does not have to have same proportionate share of interest |
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What is Joint Tenancy |
A joint tenancy is an interest in land held by two or more persons WITH SURVIVORSHIP RIGHTS |
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SURVIVORSHIP RIGHTS MEAN: |
That if one or more of the co-owners dies, the surviving owner or owners automatically receive the interest of the deceased co-owner. Property of Joint Tenancy DOES NOT pass to the heirs of the descendant. CANNOT WILL IT. |
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The four "unities" needed to form Joint Tenancy are: |
1. UNITY OF TIME 2. UNITY OF TITLE 3. UNITY OF INTEREST 4. UNITY OF POSSESSION |
