chapter 3 "tenants" and joint tenancy Flashcards
joint tenancy -equal ownership(always)
if a couple buy a place and the guy puts 100k down, and the girl puts nothing down, but their title is joint tenancy, that means that she owns 50% of the place, 50k of the down payment is hers
what four unities are required for joint tenancy
unity of time- must receive interests at the same time
unity of title- must obtain their interest from the same document
unity of interest- have the same interest (eg fee simple) in land
unity of possession-undivided interest of the (whole) property
right of survivorship?
if you have 4 joint tenants and 1 of them dies, their share will be equally distributed to the remaining 3 tenants (last man standing can leave it to their children etc)
which of the following is NOT a unity required to create a joint tenancy?
- title
- interest
- possesion
- disposal
- disposal
tenant in common?
if 1 out of 3 joint tenants sells his share at a later time, the new owner will be a “tenant in common” because he does not meet all of the joint tenant requirements
-only has one Unity required- unity of possision (undivided interrest of the property
owners do not have to have equal money or time in propery
can will it, can sell it (but only your interest %)
it is not specified on the transfer paper work, it is assumed to be a tennant in common
which of the following situations are consisten with the existence of a joint tenancy under current british columbia law
a. bert and ernest are co owners of whieacre. the front half of the property is berts and the back half is owned by earnest
b. joan and anna are co owners of greenacre. the document transferring the property to them does not expressly state how they hold the property or what interest each owns
c. paul, a co owner of blackacre togehter with peggy, transferred his interes in the property to his son and registered the transfer in the land title offie. pauls son is now a co owner together with peggy.
d. herman was a co owner of blueacre, when herman died, the surviving dco owners of blueacre automatically become its only co owners
1. only D
2. B and D
3. B,C and D
4. A, B and C
- only D
note, for answer 3, you are not able to transfer your ownership to your son or anybody
mr and miss jones and ashraf menzies have a signed contract of purchases and sale for a triplex owned by alan sinclair, mr and mrs jones have agreed to pay $100,000 each and ashraf has agreed to pay the balance of $50,000 they would like their ownership registered as a joint tenancy. which one of the following statements is TRUE
- tom, mrs jones and ashraf cannon register their ownership as a joint tenancy because they did not each contribute the same amount of cash
- if their interest is registered as a joint tenancy, tom, mrs jones and ashraf will each own an undivided interest in the triplex
- tom and mrs joines would be allowed to register their interests as a joint tenancy because they are man and wife, but ashraf would have to be a tenant in common with them
- tom, mrs jones and ashraf cannon meet the four common law principles required to create a joint tenancy
- if their interest is registered as a joint teanancty, tom, mrs joines and ashraf will each own an undivided interest in the triplex
remainderman?
ther person who is stated in the will and will receive the property
reversioner?
people who will get the estate, that were not stated in the will. less than ideal situation.
life estate(charge)?
gives someone the right to use property for as long as they live
ie. 21 year old hottie hooks up with 82 year old guy and gets him to write a contract stating her as the life estate (charge)
she will typically have to pay property taxes and interest on the mortgage
can you sell life estate interest
yes, and it is based on the amount of years left that ther person who is selling it (the 21 year old hottie) has to live, so probably 50 years
