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6 Cards in this Set
- Front
- Back
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Sole Ownership
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Estate in Severalty (Severed) - One Owner
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Concurrent Ownership
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- Tenancy in Common - Joint Tenany- Tenancy by Entireties |
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Tenancy in Common - 2 or more people
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- Heirs inherit -When two or more persons wish to share the ownership of a single property, they may choose to do so as tenants in common. -It is the most frequently used form of co-ownership, except for husband-and-wife ownership. -Tenants in common may acquire title on the same or different deeds, at the same or different times, and with equal or unequal shares of ownership. -As tenants in common, each owns an "undivided interest" in the whole property. -An undivided interest is interest in the entire property, rather than ownership of a particular part of the property. |
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Tenancy by Entireties - Husband & Wife
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- Rights of Survivorship -A tenancy by the entireties is basically a joint tenancy between husband and wife. -The four unities of a joint tenancy with right of survivorship must exist, and the two co-owners must be married to each other at the time they take title. -This estate has its origin in the common-law attitude that a husband and wife are one ownership entity. -The deed or other instrument of conveyance does not have to state expressly that a tenancy by the entireties exists. -If the parties are truly husband and wife, the estate is implied. -While not mandatory, the deed should reflect a tenancy by the entireties to serve notice to others that such an estate exists, such as John P. Smith and Sally R. Smith, a married couple. |
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Joint Tenancy - 2 or more people
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- Rights of Survivorship -A major difference between a joint tenancy and a tenancy in common is that joint tenancy is characterized by the right of survivorship. -Right of survivorship means that the share of a co-owner who has died goes to the surviving co-owner(s) and not to the deceased tenant's heirs. -Joint tenants have an undivided interest in real property. -A joint tenancy can exist only when the four "unities" of possession, interest, title, and time are present.To Remember: Four Unities of a Joint Tenancy P Possession Joint tenants have the same rights of undivided possession I Interest Joint tenants have equal ownership interest T Title Joint tenants acquire title on the same instrument (deed) T Time Joint tenants acquire their interests in the property at the same time -Today, a true joint tenancy cannot be created unless specific wording in the deed conveying the property provides for survivorship. |
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Joint Tennant
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A joint tenant who wants to sell her share of a property may do so. However, the person who buys that share cannot be a joint tenant with the other original owners, but instead will be a tenant in common without the right to receive any property on the death of one of the original joint tenants. The tenant in common's share can be disposed of by will, descent, or other arrangement.
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