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11 Cards in this Set
- Front
- Back
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Joint tenancy
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1) Right of survivorship (Survivor JTs take on JT death)
2) Right to sever (Any JT can ask to portion: lines are drawn and party is no longer a JT)* *Agreement of parties or court can draw lines; court can sell property & divide proceeds |
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4 unities for JT creation
(TTIP) |
Time: interests all vested at same time
Title: grant to all JTs are by the same instrument Interest: all JTs take the same kind and same amount interest Possession: all have identical rights of possession |
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Language showing creation of a JT
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Must be CLEAR about intent. If unclear, court construes as TIC.
“As joint tenants, with right of survivorship” “in joint tenancy with right of survivorship” * Survivorship must be stated expressly in grant (but on exam if reference is “A & B own as joint tenants,” that’s okay) |
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Destroying a JT
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Partition and Severance.
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Partition
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Voluntary destruction of JT.
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Severance
Involuntary destruction when 1 of 4 unities is disturbed |
1. A conveyance by one of JTs (severance destroys seller’s JT, turning it into a tenancy in common in buyer; other JTs still hold their JT)
2. A mortgage in a title theory state** 3. A contract of sale 4. Creditor sale of JT interest [judgment lien insufficient] * a. Lien theory state (majority), no severance of JT [assume] b. Title theory state (minority), severance of JT |
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In Texas, there are no common law joint tenancies. BUT...
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The right of survivorship can be had via contract between parties.
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2 characteristics of tenancies-in-common? (TIC)
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1) Right to partition (any tenant in common can force it)
2) No right of survivorship |
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One required unity: Possession
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All tenants in common must have equal rights of possession
TIC is default; improperly created JT is a TIC |
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Rights and duties among co-tenants
(Incidents of Co-Ownership) |
1) Possession: each co-tenant has the right to possess all property
2) Accountability: co-tenant may have to account (share) to another for share of profits the co-tenant received. 3) Contribution: right to force others to pay share of expenditure. Nothing for improvements or non-necessary repairs, but money may be recouped at partition or sale of property. Contribution available for property mortgage (signed by all co-tenants) or governmentally imposed obligation |
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*General rule: one co-tenant does not have to account to another co-tenant for a share of profits, with 4 exceptions
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a) Ouster (if one co-tenant keeping a co-tenant off the property OR claiming a right of exclusive possession)
b) Agreement to share c) Lease of property by co-tenant to a third party d) Accounting of natural resources |
