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Ownership in severalty
Ownership of real property by one person only also called sole ownership
Co-ownership
Title ownership held by two or more persons
Tenancy In Common
A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants-in-common have right of inheritance
Joint tenancy
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the descendents interest passes to their surviving joint tenant or tenants by the right of survivorship.
What elements are needed to create a joint tenancy
Unity of possession, Unity of Interest, Unity of time, Unity of title.
Unity of possession
All joint tenants hold and undivided right to possession
Unit of Interest
all joint tenants hold an equal ownership interest
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