3. Co-Tenancy Flashcards
What is Co-Tenancy?
Co-Tenancy is when property is being transferred to more than one person to be held concurrently.
What are the three types of concurrent ownership?
- Tenancy in Common
- Joint Tenancy
- Tenancy by the Entirety
What is a Tenancy in Common?
Tenancy in Common is concurrent ownership where co-tenants have undivided interests in the property with no right of survivorship.
What Language is required to create a Tenancy in Common?
No special words are required to create a Tenancy in Common.
Can Co-tenants hold unequal shares of the land?
Yes, tenants in common can hold unequal shares of the land.
What happens when a property is devised to multiple individuals in a will without specifying the type of interest?
They automatically hold it as tenants in common.
What type of Possession is Required for a Tenancy in Common?
Unity of possession is required.
How is a Tenancy in Common Transferred When Tenant is Alive?
A tenant in common may transfer his interest voluntarily or involuntarily.
How is a Tenancy in Common Transferred voluntarily when Tenant is Alive?
Through a conveyance, lease, mortgage, or other transfer.
How is a Tenancy in Common Transferred involuntarily when Tenant is Alive?
Through foreclosure on a mortgage or execution of a judgment creditor’s lien.
Is a Tenancy in Common Devisable?
Yes, a Tenancy in Common is Devisable.
Can a Tenancy in Common be Transferred by Intestacy?
Yes, a tenant in common may descend by intestacy.
What happens when a tenant in common wants to create an easement or resolve a boundary dispute?
It will not affect the legal rights of any other tenants in common who do not sign the grant or agreement.
What is the limitation of one tenant in common who has sole occupancy of the premises?
Only agreements that all tenants in common sign will apply to all of them.
What is a Joint Tenancy?
Joint Tenancy is concurrent ownership where co-tenants have undivided interests in the property with survivorship rights.
What is Required for a Grantor seeking a Joint Tenancy?
The grantor must use language to demonstrate the intent for the right of survivorship.
What is a Right of Survivorship?
If one joint tenant dies, the decedent’s interest terminates and the survivor’s interest increases to 100%.
How is a Joint Tenancy created?
By satisfying four unities: Time, Title, Interest, and Possession.
What are two ways that a Joint Tenancy can be terminated?
- Partition
- Severance
NOT BY WILL THOUGH!
How is a Joint Tenancy Severed?
If one joint tenant conveys their interest during their lifetime.
What happens after a Joint Tenancy is Severed?
It creates a tenancy in common between the remaining tenant and the conveyance.
Can a Joint Tenancy be re-established once it has been severed?
No, it cannot be re-established until the four unities are satisfied.
What is an involuntary conveyance of a Joint Tenancy?
It occurs when a creditor forces a sale of a joint tenant’s interest.
Can a Joint Tenancy with a Right of Survivorship be severed under a will or descending by intestacy?
No, the Right of Survivorship prevents it from being severed by a will or descending by intestacy.