Concurrent Estates

Question 1

How many types of concurrent ownership are there and what are they?

Answer 1

Three types of concurrent ownership generally:
1. Joint Tenancy
2. Tenancy in Common
3. Tenancy by the Entirety

Question 2

What is Joint Tenancy?

Answer 2

Two or more people own a single unified interest in real or personal property.

Question 3

What are the rights of each tenant in common?

Answer 3

Each joint tenant is entitled to:
Right of Survivorship
Equal Possession
Equal Shares

Question 4

How is a joint tenancy created?

Answer 4

Through the four Unities: (P.I.T.T)
- Equal rights to Possession
- Equal share of the same type of Interest
- Received title at the same Time
- Received the same interest in Title

Question 5

What are the distinguishing features of right of survivorship for joint tenancy?

Answer 5

Heirs and devises cannot take anything when tenant dies because interest is extinguished at the moment of death.

Question 6

How can a joint tenancy be severed?

Answer 6

Conveyance by one joint tenant - unless there are there or more joint tenants.
Granting a mortgage
- Title theory: mortgage is treated as a conveyance and severs joint tenancy
- Lien Theory: Does not server joint tenancy
- third party theory:

Question 7

What is Tenancy in Common?

Answer 7

Default estate created by a transfer of real property to two or more people. No explicit language necessary for creation.

Question 8

Does Tenancy in Common have a right of survivorship?

Answer 8

No. Thus, each tenant can make a testamentary transfer and his interest will then pass under the statute of descent.

Question 9

How does Tenancy in common differ from Joint Tenancy.

Answer 9

T/C may:
- Possess and enjoy the entire property
- Transfer all or part of their interest in the property w/o consent.
- Transfer interest in property freely at death.

Question 10

What happens of od the four unities (PITT) are severed?

Answer 10

Joint tenancy is terminated