Co-Ownership

Question 1

Rights of Co-Owners

Answer 1

1. Equal possession of whole (adv poss by co-owner req’s ouster)
2. Prop share of profits/burdens
3. No waste
4. Contribution for (a) necessary repairs, (b) mortgage signed by all, (c) gov’t obl’s, and (d) rent from 3rd party. NOT improvements but may get reimbursement at partition/sale

Question 2

Types of Co-Ownership

Answer 2

Tenancy in Common
Joint Tenancy
Tenancy by the Entirety

Question 3

Tenancy in Common

Answer 3

Default
One unity req. (possession)
No survivorship

Alienable + Right to partition

Question 4

Joint Tenancy

Answer 4

Must specify survivorship

4 Unities (TTIP: time, title, inst, poss)

Survivorship + right to partition

Kills:
1. Sale severs as to seller
2. Mortgage
—Maj Lien Theory: does not sever
—Min Title Theory: severs as to her

Question 5

Tenancy by the Entirety

Answer 5

Specifies T by the E
4 Unities + Marriage

Survivorship, no right to partition
No right to unilateral term. (only death, divorce, agreement, or mortgage by joint creditor)