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8 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Co-ownership |
Tenancy in common: no right to survivorship: Tenant CAN will their interest to another when they pass away. Undivided fractional interest Unity of possession ( the right to possess the whole) |
Split between two co |
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Co- ownership |
The deceased interest can be willed to another. Undivided fractional interest. Unity of possession ( the right to possess the whole) |
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Joint tenancy |
Right to survivorship The other joint tenants take over the share of the deceased. |
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Right to survivorship |
The other joint tenants take over the share of the deceased |
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Joint tenancy |
Joint tenancy The four unities: 1 possession: all possess the entire property 2: interest all have equal interest 3. Time: all tenants have title at the same time 4 title: there’s is only one deed |
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Joint tenancy |
The joint tenant deed is very specific: A b c is a joint tents and tenants in common |
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Forms of real estate ownership |
Illinois is not a community property state Illinois is marital property state Martial property: property acquired once married except for by gift or will. Non marital property: property owned prior to marriage and property acquired after marriage by gift or will |
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Living & testamentary trusts |
Trustor: creates the trust Trustee: hold title to assets Beneficiary: benefits from the trust. |
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