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18 Cards in this Set
- Front
- Back
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Joint Tenancy
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TTIP Test: Unity of Time, Title, Interest and Possession. All must be present at the outset to create a joint tenancy. Language must clearly reflect the Grantor's intent to create a joint tenancy. If unclear then law presumes Tenancy in Common. Necessary language "as joint tenants, with right of survivorship." Right of survivorship must be expressly in the grant.
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Right of Survivorship
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The surviving joint tenant takes automatically on the death of a joint tenant. If any joint tenant wants to be relieved of common ownership he or she can do so by asking that the property be partitioned.
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Severance
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Refers to involuntary termination of the joint tenancy. Occurs when any of the four unities are disturbed. Cannot be severed by will. Look for, Sale, Mortgage, contract of sale, Creditor's sale
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Severance: Sale
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Conveyance of the interest in joint tenancy by deed.
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Severance: Mortgage
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Majority rule follows lien theory, there is no severance of joint tenancy. When the mortage is executed, a lien attaches to the title, but the title is not transfered. Minority rule follows title theory = there is a severance of the joint tenancy when the mortgage is granted.
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Severance: Contract of Sale:
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The severance occurs on the date the valid contract of sale was signed - because of the doctrine of equitable conversion.
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Severance: Creditor's sale of the interest in Joint Tenancy
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Under the majority view, there is no severance until the judicial sale actually takes place
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Tenancy in Common
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No unities required except the unity of possession. Each co-tenant is entitled to possess the whole property. Modern presumption in favor of the Tenancy in Common, a default tenancy. If JT is not properly created then TIC. Freely alienable. Any tenant in common can force partition. No right of survivor ship.
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Tenancy by the entirety
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Four unities + marriage. At CL any grant of concurrent estate to a husband and wife = Tenancy in the entirety. CL included right of survivorship, but there was no right of partition. Thus the Tenancy by the Entirety was not severable by the unilateral act of one of the co-tenants.
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Termination of Tenancy by the Entirety
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Death, mutual agreement in writing; Divorce; and execution by a joint creditor.
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Incidents of co-ownership
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As used in this context, "Co-Tenant" refers to any of the multiple owners of any of the three concurrent estates.
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Incidents of co-ownership: possession
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Each co-tenant has the right to possess the whole of the property - consistent with the same right in every other co-tenant.
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Incidents of co-ownership: Accountability
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The general rule is that one tenant does not have to account to another co-tenant for his share of the profits, subject to ouster (keeping a co-tenant off the property or claiming right of exclusive possession), agreement to share, lease of the property by a co-tenant to 3rd party or depletion of natural resources.
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Contribution
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Concerns the right of one co-tenant to force the other co-tenants to pay their fair share of some expenditure made on the property. The right to contribution depends on what type of expenditure was made on the property.
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Contribution: Improvements
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No current right of contribution, any monies expended for improvements may be recouped later, generally at the time of sale of the property or partitioning.
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Contribution: Repairs
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Contribution is required for payments on any mortgage on the property that has been signed by all co-tenants.
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Contribution: Pay Mortgage
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Contribution is required for payments on any mortgage on the property that has been signed by all the co-tenants.
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Contribution: Taxes
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Contribution is required toward all governmentally imposed obligations such as property taxes, or other assessments such as for improvements to curbs, streets, sewers, etc.
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