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10 Cards in this Set

  • Front
  • Back
what is concurrent ownership?
more than 1 owner
what is joint tenancy?
50/50 equal ownership. Ownership rights must be equal
what is tenancy in common?
90% - owner 1
10% - owner 2

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