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Sole ownership
When property is owned by one natural person or a legal person (corporation)
Severalty
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
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
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
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