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4 Cards in this Set
- Front
- Back
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Sole ownership |
When property is owned by one natural person or a legal person (corporation) Severalty |
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Joint Tenancy |
Survivorship: the surviving owner automatically absorbs a dying owner's share of the property
Escapes probabte and existing debts
Four unities: Time Title Interest Possession
Rights: Co-owners can sell his or her interest, give it away or borrow money against it, without consent of other co-owners Cannot will their interest
Natural person and corportation cannot be joint tenants since corporation never dies |
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Tenancy in common |
When two or more people own property as tenants in common, all areas of the property are owned equally by the group. For this reason, an individual may not claim ownership to a specific part of the property. One unity: Equal right of possession Co-owner may sell, will or mortgage his/her interest without consent of other co-owners Interests does not need to be equal All tenants are responsible for property expenses such as taxes, mortgage payments and necessary repairs |
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Undivided Interest |
Each owner has the right of possession of the entire property and may not excluse the other owners from any portion by claiming thay any specific portion of the property is his/hers alone |
