Chapter 6: Concurrent Ownership Flashcards
Elements of the tenancy in common
- Created by “to A and B”
- Freely alienable, devisable, and descendible
- Each has a right to possess the whole parcel
- Proceeds are divided proportionately by interest each party possesses
Elements of the joint tenancy
- Created by “to A and B as joint tenants with right of surviorship”
- If A dies, B becomes sole owner w/ 100% interest
- Neither devisable nor descendible
- Each has the right to possess the whole parcel
Elements to create the joint tenancy
- Time - all tenants must acquire property at same time
- Title - all tenants must acquire title by same instrument
- Interest - all tenants must have same shares in both size and duration
- Possession - all tenants must have equal right to possess, use, and enjoy whole property
Elements of the tenancy by entirey (split jx - only half of states)
- Created by “to A and B as tenants by the entirety” or be conveyance or devise to married couple
- Each tenant has undivided right to use and possess the property
- Neither party can individually convey undivided interest to 3d party
- Only be ended by death, divorce, or the agreement by both spouses
Elements to create tenancy by entirety
- Time
- Title
- Interest
- Possession
- A valid marriage
Define “partition”
When parties cannot agree on how to end a cotenancy, a tenant has the right to sue for partition
Partition rule
If property cannot be fairly divided, the entire property may be sold
1. Property cannot be conveniently partitioned
2. Interests of one or more of parties will be promoted by sale
3. Interests of other parties will be prejudiced by sale
What are the elements of the Uniform Partition of Heirs Property Act?
- Allows any cotenant to purchase interest of a cotenant who seeks partition by sale
- Requires partition in kind unless result would prejudice the cotenants in the group
- Provides that in assessing prejudice, court must consider sentimental attachment
- Mandates open market sale rather than customary auction
Cotenant Rights and Duties
What is the rule for rent in cotenancy?
A cotenant in possession does not owe any rent to a cotenant out of possession, absent an ouster
Cotenant Rights and Duties
What is an ouster?
An ouster occurs when a co-tenant in possession refuses to allow another cotenant to occupy the property
Cotenant Rights and Duties
How are proceeds from the property dispersed?
A cotenant is entitled to his proportionate share of all rent and profits derived from the entire land
Cotenant Rights and Duties
How are proceeds from the property dispersed?
A cotenant is entitled to his proportionate share of all rent and profits drive from the entire land
Cotenant Rights and Duties
When can a co-tenant in sole possession recover operating and maintenance costs?
If the costs exceed it’s fair, rental value
Separate Property System
What are the rights during marriage in a separate property system?
Property is separately owned by the spouse, who acquires it
Separate Property System
What are the rights during divorce in a separate property system?
Most states mandate equitable distribution of property, considering factors, such as incomes, standard of living, contributions, age and health, special needs, and the length of the marriage