Concurrent Estate Flashcards
What is a joint tenancy?
Two or more parties with the right of survivorship
What is tenancy by the entirety?
A protected marital interest between spouses with the right of survivorship.
What is a TIC?
Two or more owning property without the right of survivorship.
In FL, is a straw required to convey to owner and a new party as JT?
No
What occurs when one JT dies?
The property transfers automatically to the other JTs.
Is a JT’s interest alienable inter vivos?
Yes - it is transferrable during their life.
Is JT’s interest devisable?
No because of the right of survivorship
Is JT’s interest descendible?
No because of the right of survivorship
How do you create a JT?
4 Unities:
1) Same instrument
2) Same time
3) Identical shares
4) Right to possess and enjoy the whole
What is required aside from the 4 unities to create a JT with survivorship rights?
A statement which states “with the right of survivorship”
How do you sever a JT?
Sale or Partition
Can a joint tenant sell or transfer interest secretly during its life?
Yes even without consent of the other party.
What does the transferee receive when a JT transfer their interst?
TIC interest - disrupts 4 unities
What are the types of partition?
Agreement: A peaceful way to end the relationship mutually.
Forced Sale: Judicial action when it is best for the land to be sold and proceeds divided (i.e. a home)
In Kind: Judicial action for physical partition - usually when there is acreage.
What is the TB Entirety?
4 unities + marriage - presumed in Fl when conveyance is to married people
Can the creditors of one spouse touch the tenancy for debt satisfaction?
No
Can a spouse unilaterally defeat the right of survivorship by unilaterally conveying to third party?
No
True or False: In a TIC, each T holds a part and a right to possess the whole.
True
Is a TIC devisiable, descendible, and alienable?
Yes because no survivorship rights.
Can a tenant exclude the other tenants from a portion of the property?
No - all have an undivided right to use the whole. This is an ouster and is actionable.
Can co-tenants charge each other rent?
No absent an ouster
Do co-tenants have a right to rent from third parties?
Yes pro rata according to shares
Absent an ouster, can a co-tenant adversely possess another?
No - hostility element at issue
Who pays carrying costs?
Taxes/Mortgage
Pro Rata among TICs
How are repairs handled between TICS?
Pro Rata - for necessary repairs
Do TICs have a right to compel contribution for unilateral repairs?
No
What happens at partition for unilateral improvement?
Either get a credit or debit for the amount that the value of the property is affected.
What are a TIC’s rights for partition?
Agreement
In Kind
Forced Sale
