Co-Ownership

Question 1

All co-owned land is a…

Answer 1

trust

Question 2

The co-owners are the legal title holders

Answer 2

and the beneficiaries hold the equitable title

Question 3

In joint tenancy, what right is afforded?

Answer 3

Right of survivorship - when one owner dies, the other owner gets the property.

This right does not exist for beneficial tenants in common.

Question 4

What are the shares like in joint tenancies?

Answer 4

Equal shares

Question 5

What type of ownership has unequal share ownership?

Answer 5

Tenants in common

Question 6

In a family situation, what is the presumption? Even where their contributions have been unequal (therefore, unequal shares)

Answer 6

Joint tenancy.

Question 7

How can someone in an equitable joint tenancy sever there involvement and get out?

Answer 7

1. Written notice served to other joint tenants
2. Joint tenant selling their own share, transferring it or bankruptcy
3. Severance by mutual agreement by all JT’s.

Question 8

The intention to sell one owner’s share in the freehold property =

Answer 8

It basically ends their equitable joint tenancy in the property and converts it into a tenancy in common

Question 9

Joint tenancy - what happens one dies?

Answer 9

Survivorship - the other owner gets the share

Question 10

Tenancy in common - what happens one dies?

Answer 10

Passes as according to the will.