Community Property Rights and Ownership in Condominiums, Cooperatives, and Timeshares Flashcards
In Texas, what do community property laws state?
That the husband and wife are equal partners. Community property law distinguishes real and personal property into categories of separate and community property.
Who does community property belong to?
Both spouses equally
Who does separate property belong to?
One spouse
Tenancy in partnership is a form of _
Ownership held by business partners, as provided by the Uniform Partnership Act
Explain tenancy in partnership
Grants equal rights to all partners. However, the property must be used in connection with the partnership’s business. Individual rights aren’t assignable.
A condominium is a hybrid of _
Ownership of multi-unit residential or commercial properties. It combines ownership of a fee simple interest in the airspace within a unit with ownership of an undivided share, as a tenant in common, of the entire property’s common elements, such as lobbies, swimming pools, and hallways.
In what ways can people own a condominium unit?
Jointly, in severalty, in trust, or in any other manner allowed by state law
Explain timeshare ownership
It’s a fee or leasehold interest in a property whose owners or tenants agree to use the property on a periodic, non-overlapping basis
In a freehold timeshare, or _, tenants in common own _
Interval ownership estate
Undivided interests in the property
What happens in a cooperative?
The person own shares in a nonprofit corp or cooperative association, which in turn acquires and owns an apartment building as its principal asset
