Chp 4 - Forms of Ownership Flashcards
Sole Ownership also known as….
Tenancy in severalty
Tenancy in Common
2+ owners with identical rights, individually owned interest, electable ownership shares, no survivorship and no unity in time.
Joint Tenancy
-Unity of time, title, interest and possession
Tenancy by Entireties
-survivorship, equal undivided interest, no foreclosure for individual debts. Reserved for husband and wife – cannot convey interest seperately
Community Property
separate (one souse)
Community (both)
Partnership Tenancy
business partners (Uniform Parternship Act) equal rights to all partners
Estates in Trust are created by these instruments…
Created by will, deed or trust agreement
Structure & Rights of condo
Fee simple interest in airspace, tenant in common for shared spaces
Features of Cooperatives
one person owns shares in a corp which owns the building
Features of Timeshare
Freehold (periodic use) or leasehold interest (scheduled basis)
Who decides how real estate will be held
Grantee or buyer decides
Seller decides the type of estate transferred
DIfferences b/t tenant in common and joint tenancy
Title - one vs. many
Transferability
Survivorship
Creation
Benefits to land trust
anonymity, ease of trasnfer, ease of use as collateral
Who has real property interest in a co-op
The corporate entity
How is co-op interest transferred
Stock certificates and lease
