Co-Ownership

Question 1

Tenancy in Common - Definition

Answer 1

Tenants in common have separate but undivided interests in the property; the interest of each is descendible and may be conveyed by deed or will.

Question 2

Four Unities Essential to a Joint Tenancy

Answer 2

1. Time
2. Title
3. Interest
4. Possession

Question 3

Time Unity - Joint Tenancies

Answer 3

The interest of each joint tenant must be acquired or vest at the same time.

Question 4

Title Unity - Joint Tenancies

Answer 4

All joint tenants must acquire title by the same instrument or by a joint adverse possession. A joint tenancy can never arise by intestate succession or other act of law

Question 5

Interest Unity - Joint Tenancies

Answer 5

All must have equal undivided shares and identical interests measured by duration.

Question 6

Possession Unity - Joint Tenancies

Answer 6

1. Each must have a right to possession of the whole.
2. After a joint tenancy is created, however, one joint tenant can voluntarily give exclusive possession to the other joint tenant.
3. The unity of possession is essential to a tenancy in common as well, none of the other three unities are.

Question 7

Tenancy by the Entirety - Definition

Answer 7

1. Can be created only in husband and wife.
2. Like a joint tenancy in that the 4 unities (plus a 5th, the unity of marriage) are required, and the surviving tenant has a right of survivorship.
3. Divorce terminates the tenancy because it terminates the unity of marriage, usually turns into tenants in common.

Question 8

The Right of Survivorship

Answer 8

1. Applies to Joint Tenancy
2. Applies to Tenancy by the Entirety
3. Does not apply to Tenancy in Common.