Co-ownership Flashcards
1
Q
4 Unities for JTROS
A
- Time
- Title
- Instrument
- Possession- must have same or identical rights of possession
2
Q
Does Mortgage on property sever joint tenancy?
A
Majority/Lien Theory- Mortgage does not severance joint tenancy
3
Q
Does co-tenant have to share in profits received from the land?
A
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
4
Q
Right to Contribution?
A
- Improvements- no
- Repairs- Yes, but only for necessary repairs
- Mortgage- Yes, but only required for mortgages signed by all co-tenants
- Taxes- Yes