co-ownership / tenancy Flashcards
When two or more single individuals or couples acquire title to real estate and the form of ownership is not indicated, the new owners are usually determined to have acquired title as
tenants in common
The four requirements or unities are met when the right to possession of a property is acquired by all of the joint owners by means of a single instrument that conveys an equal, undivided interest to all of them, stipulating that they are to be joint owners with ___?
the right of survivorship.
___ is a special form of co-ownership used in some states that allows a spouse to inherit the other spouse’s ownership interest upon death.
Tenancy by the entirety
Formation of a TIC requires use of an attorney to
clarify the terms of ownership.
If the court determines that the property cannot be divided physically into separate parcels without destroying its value, the court will
order the real estate sold.
The proceeds of the sale will then be divided among the co-owners according to their fractional interests.
Spouses who are tenants by the entirety, During their lives, can convey title only by
a deed signed by both parties.
One party cannot convey a one-half interest, and generally they have no right to partition or divide the property.
all joint tenants acquire their interests at the same time.
Unity of time
all joint tenants hold an undivided right to possession.
Unity of possession
Because the co-owners own separate interests, they can sell, convey, mortgage, or transfer their individual interests in the TIC without
the consent of the other co-owners
If the joint tenancy had more than two owners to begin with, and one of them conveys that interest, there will still be a joint tenancy, but only as to the interests held by the remaining joint tenants; the new owner is __
a tenant in common.
all joint tenants hold an equal ownership interest.
Unity of interest
Unless prohibited by state law, joint tenants are free to convey their individual interest in the jointly held property, but doing so __
destroys the unities of time and title as to that interest
If there are only two joint tenants, the death of one of the owners __
terminates the joint tenancy
all joint tenants acquire their interests by the same document.
Unity of title
The distinguishing feature of a joint tenancy is the
the right of survivorship.
In a __, each tenant holds an undivided interest in the property.
tenancy in common (TIC)
Upon the death of a joint tenant, the deceased’s interest transfers directly to
the surviving joint tenant or tenants.
(No formal legal action is required, although the death certificate of the deceased owner should be made part of the public record and a copy retained by the surviving owner(s).)
When one co-owner dies, the tenant’s undivided interest passes according to the decedent’s will, __
to the heirs identified by statute if there is no will, or by the terms of the decedent’s living trust, if one was established prior to death.
? is a legal way to dissolve the relationship between co-owners of real estate when the parties do not voluntarily agree to its termination
Partition
True or false: Each of the shares in a tenancy in common can also be held by a couple, whether married or in a civil union.
True
A share owned by a married couple in a TIC can be transferred only with ___
the agreement of both parties.
the last survivor in a joint tenancy takes title in severalty and has all the rights of sole ownership, including the right to
pass the property to any heirs.
In a TIC, It is the __, not the property, that is divided.
ownership interest
Spouses who are tenants by the entirety have the right of
survivorship
In a TIC, The co-owners have __ , meaning that each owner is entitled to possession and use of the entire property, even though each holds only a fractional ownership interest
unity of possession
Can a joint tenancy be created by law?
No
It cannot be implied or created by operation of law.
A ___ can be created only by the intentional act of conveying a deed or giving the property by will or living trust.
joint tenancy
If there are three or more joint tenants, at each successive joint tenant’s death, ___
the surviving owners acquire the deceased’s interest
The deed creating a tenancy in common may or may not state the fractional interest held by each co-owner. If no fractions are stated, the tenants are presumed to hold __
equal shares;
for example, if five people hold title, each owns an undivided one-fifth interest.
A joint tenancy is destroyed when
any one of the four unities of joint tenancy is terminated
In a TIC, No individual tenant may
transfer the ownership of the entire property
To create a joint tenancy, four elements or unities are needed, which can be remembered as
PITT: possession, interest, time, and title.
In a tenancy by the entirety, each spouse has an __
equal, undivided interest in the property
In a TIC If there are two co-owners of a property and no other division is specified in the deed conveying the property, each owns ___
a one-half interest
