Co-ownership

Question 1

4 Unities for JTROS

Answer 1

1. Time
2. Title
3. Instrument
4. Possession- must have same or identical rights of possession

Question 2

Does Mortgage on property sever joint tenancy?

Answer 2

Majority/Lien Theory- Mortgage does not severance joint tenancy

Question 3

Does co-tenant have to share in profits received from the land?

Answer 3

Generally, no.
4 Exceptions:
1. Ouster
2. Agreement to share
3. Lease of the property by co-tenant to 3rd party
4. Depletion of natural resources

Question 4

Right to Contribution?

Answer 4

1. Improvements- no
2. Repairs- Yes, but only for necessary repairs
3. Mortgage- Yes, but only required for mortgages signed by all co-tenants
4. Taxes- Yes