2. Seven (7) Ways To Take Title

Question 0

SEVERALTY

Answer 0

One person

Question 1

7ways to take title

Answer 1

Severalty … Joint Tenants … Tenants in Common
Tenants in the Entirety … Community Property
Trust … ?

Question 2

JOINT TENANTS

Answer 2

Must be equal interest (2 or more)
May or may not be married
Right of survivorship (CANNOT WILL)
Possession, interest, Title, and Time (PITT) has to occur simultaneously
Can convey title without owner’s permission
If only one joint tenant sells, new owner becomes tenant in common with remaining joint tenants

Question 3

TENANTS IN COMMON

Answer 3

May be unequal interest (2 or more)
May or may not be married
No right of survivorship (CAN WILL)
PITT can occur at any time
CN convey title without other owner's permission

Question 4

TENANTS IN THE ENTIRETY

Answer 4

Must be married
Right of survivorship (CANNOT WILL)
Cannot partition or convey real property without both signatures

Question 5

COMMUNITY PROPERTY

Answer 5

Equal percentage after marriage
Must be married
No right of survivorship (CAN WILL THEIR PORTION)
Realty acquired before marriage can be kept separate as long as there is no commingling of funds
Upon death of one spouse, survivor is entitled to their half of realty acquired during marriage
Can have separate realty during marriage by gift, will or inheritance

Question 6

TRUST

Answer 6

Sole or Co-owners
Upon death or incompetence, trustee takes over
Upon death, title to the realty passes without probate and trustee takes over
Revocable living trust is revocable during life of the GRANTOR