Co-ownership Estates Flashcards
Characteristics of TIC
No survivorship rights, keep ownership when die
Alienable
Devisable
Inheritable
Partition - unilateral
Subject to single owner’s creditors
Requirements of Joint Tenancy
Clear and correct granting language
4 unities - time, title, interest, possession
Characteristics of Joint Tenancy
When one dies, the other gets right of survivorship
Alienable - creates severance and turns into TIC
Not devisable
Not inheritable
Unilateral partition
Requirements of Tenancy by Entirety
Transfer to more than one person
Clear and correct granting langauge
4 Unities - time, title, interest, possession
Owners must be married at the time of conveyance
What is severance?
Ends the rights of survivorship
Not applicable to TIC, only to JT and TBE
Why are joint tenancy bank accounts created
convenience, real joint tenancy, survivorship
If only one tenant occupies, do they owe rent to the other owners?
Majority of jurisdictions - NO
Burdens of co-ownership
Carrying charges
Repairs
Improvements
Definition of Repairs
Bring back something to the way it was
Do you get contribution for necessary repairs?
No, but credit in accounting or partition
Do you get contribution for unnecessary repairs?
No, get nothing
Do you get contribution for improvements?
No, but can get money for the increase in value of the property based on the improvement
Do you get contribution for carrying charges?
Yes, it can be immediately/automatic/any time
What are carrying charges
taxes, mortgages
Utilities are not carrying charges - not necessary to live
Definition of partition
the action or state of dividing or being divided into parts
