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8 Cards in this Set
- Front
- Back
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Joint Tenancy, magic words |
The four unites must be present from the outset. TTIP.
Time, Title, Interest (kind and amount), Possession. Right of Survivorship. Magic words; in/as joint tenan(t/cy) with right of survivorship. |
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Partitioning of Joint Tenancy Property
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A joint tenant can request (or force ie severance) a partition and eliminate his joint tenancy.
JT cannot be severed by will. JT is severed by sale. (as of date of K, not closing) |
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Mortgages and Joint Tenancies
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Lien theory States- mortgages do not sever Joint Tenancies
Non lien theory states- mortgaging your interest severs (minority rule) |
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Creditor's Sale of the interest of the Joint Tenancy
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No severance until the judicial sale actually takes place. If debtor dies before the creditor's sale, there would be no severance so creditor can't collect.
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Tenancy in Common
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Only unity required is unity of possession which means each co-tenant is entitled to possess the whole.
No right of survivorship. right of partition |
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Tenancy by the Entirety
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Four unities, time, title, interest possession, PLUS marriage.
severed at divorce. Right of survivorship yes right of partition- NO, only JOINT creditor can execute |
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Contribution in co-tenancies
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The right to contribution depends on what TYPE of expenditure was made on the property. Improvements to land (like building something on it) NO |
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Joint tenancy and sales of land |
In common law, an executory contract to sell entered into by ALL joint ts does NOT sever the JT. Other jusidictions use the doctrine of equitable coversion and hold that the K converts the JT's ownership into a mere contract to receive the purchase price (held as tenants in common), the legal title to the land is also considered to be tenancy in common. |
