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10 Cards in this Set
- Front
- Back
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what is concurrent ownership?
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more than 1 owner
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what is joint tenancy?
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50/50 equal ownership. Ownership rights must be equal
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what is tenancy in common?
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90% - owner 1
10% - owner 2 can have varied ownership |
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what is the right of use?
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use is 100% each, every owner can use 100% of property
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What is transfer issues?
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permission is not required to sell economic rights & right to use by other owners in either joint or in common
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What does death do to a joint tenancy?
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if one owner dies, the other takes ownership
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what does death do to a tenancy in common?
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if one owner dies, it goes to heirs at law
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what are two types of gifts?
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gifts among the living and conditional gifts
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what are gifts among the living?
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they must
1) be present, donative, and have intent 2) must have delivery 3) must be accepted |
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what are conditional gifts?
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future oriented gifts
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