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7 Cards in this Set
- Front
- Back
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Ownership in severalty |
Ownership of real property by one person only also called sole ownership |
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Co-ownership |
Title ownership held by two or more persons |
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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 |
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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. |
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What elements are needed to create a joint tenancy |
Unity of possession, Unity of Interest, Unity of time, Unity of title. |
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Unity of possession |
All joint tenants hold and undivided right to possession |
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Unit of Interest |
all joint tenants hold an equal ownership interest |
