Co-Ownership Flashcards
Tenancy in Common
Default setting. Right to possess the whole (unless negotiated otherwise). Wrongful exclusion of one co-tenant constitutes ouster.
Sharing of income and expenses: If rented to 3rd party, rent shared (in proportion of ownership) (remedy: action for accounting.)
Both parties owe taxes, mortgage, etc. (in proportion of ownership). Remedy: action for contribution, but usually not for repairs/improvements
If one co-tenant occupies property, no rent owed to other (unless ouster, or agreement to pay rent).
Tenancy in Common - Can one party end the co-tenancy?
Parties can consent to partition, or court can order judicial partition (physical or sale)
Tenancy in Common - Can one owner lease/sell/pledge their interest??
Yes, and the interest stays the same after the transaction (e.g., C gets B’s 25% interest)
Tenancy in Common - Is it devisable aka can someone else inherit one co-tenant’s interest?
Yes, and the interest stays the same after inheritance.
Joint Tenancy (WROS)
Creation - Intention ofparties an four “unities” of time, title, interest, possession (increasingly relaxed).
Rights - Right to possess the whole (unless negotiated otherwise). Wrongful exclusion of one co-tenant constitutes ouster.
Sharing income and expenses: same as tenants in common.
Joint Tenancy (WROS) - what happens in dispute? Can one party end the cotenancy?
Severance = either co-tenant can unilaterally convert into a tenancy in common.
Joint Tenancy (WROS) - Can one owner lease/sell/pledge their interest?
Yes. A transfer of interest severs the joint tenancy, converting it into a tenancy in common.
Joint Tenancy (WROS) - Is it devisable aka can someone else inherit one co-tenant’s interest?
No. “Right of survivorship” means the surviving co-tenant gets the whole property at death (unless severance occurs before death).
Tenancy by the Entirety
Rights - Spouses only; intention of parties (some states presume intention anytime spouses are involved); available in half of states.
Rights - cannot rent property without co-tenant’s permission. Otherwise same as tenancy in common.
Sharing income & expenses - Both parties owe taxes, mortgage, in proportion of ownership but usually not for repairs/improvements
-if one co-tenant occupies property, no rent owed to other (unless ouster, or agreement to pay rent).
Tenancy by the Entirety - What happens in dispute? Can on party end the co-tenancy?
Extinguished on divorce (at which point it becomes a tenancy in common, or is divided by divorce decree).
Tenancy by the Entirety - Can one owner lease/sell/pledge their interest?
No.
Tenancy by the entirety - Is it devisable aka can someone else inherit one co-tenant’s interest?
No. “Right of survivorship” means the surviving co-tenant gets the whole property at death.
Accounting action
An action you can bring if you want to receive your share of the rents/income.
Contribution action
An action if you want a co-tenant to pay their share of expenses. Usually limited to mortgage or tax payments (things you must pay not to lose the property, mostly does not include repairs).
Alienation
Giving up your property interest.
What happens if NOT spouses but try to take on property as tenants by the entirety?
Most courts will just make it JTWROS because it creates the rights of survivorship.
What is Ouster?
Exclusive possession of entire joint property. If one co-tenant prevents the other from possessing the whole, it is called ouster. Has to be literal physical behavior. If it is an ouster then there is an obligation to pay rent to the other one.
