Concurrent Estates

Question 1

Tenancy In Common

Answer 1

• each co-tenant owns an undivided interest in the whole of the property
• no right of survivorship

Question 2

TIC may pass:

Answer 2

either by intestacy OR by will

Question 3

Joint Tenancy

Answer 3

• undivided interest in the whole of the property
• right of survivorship

Question 4

Requirements for JT

Answer 4

1. Unity of possession
2. Unity of Interest
3. Unitty of time
4. unity of title

Question 5

Right of Suvivorship

Answer 5

At death of one JT, the surviving tenant absorbs the interest of the deceased JT

Question 6

Severance of JT

Answer 6

A joint tenancy is severed if one joint tenant conveys his interest voluntarily or involuntarily

If severed, the unities of time and title are destory = creates TIC between the other tenant and the conveyee

Question 7

Involuntary Conveyance

Answer 7

occurs if a creditor forces a sale of a joint tenant’s interest to satisfy the debt owed to the creditor by the joint tenant

Question 8

Mortgaging a JT

Answer 8

• If both JTs join in a mortage, the JT is not affected
• If only one JT mortgages his interest, the effect of the mortgage on the joint tenancy will depend on whether the jurisdiction follows the title theory or the lien theory

Question 9

Title Theory

Answer 9

• execution of a mortgage by one joint tenant causes the legal interest of that co-tenant to be transferred to the mortgagee.
• mortgage severs the joint tenancy because the unities have been destroyed.

Question 10

Lien Theory

Answer 10

• mortgagee only receives a lien on the property.
• no severance occurs when the mortgage is made because the unities remain intact
• foreclosure will sever the joint tenancy.

Question 11

Tenancy by the Entirety

Answer 11

Reserved for married couples, giving each spouse an undivided interest in the whole of the property

+

right of suvivorship

Question 12

Co-tenants

Answer 12

• Entitle to possession of the whole property
• Has the right to seek partition of the property

Question 13

Wrongful ouster

Answer 13

occurs when one co-tenant wrongfully excludes another co-tenant from possession of the whole or any part of the jointly held property.

Question 14

Rights of an ousted co-tenant

Answer 14

An out-of-possession co-tenant has the right to share in rents and net profits derived by another co-tenant from third parties, less operating expenses such as taxes, mortgages, interest, and management fees

EXCEPITON: cannot demand rent from co-tenant who is in actual possession of the premises, unless co-tenant in possession has effected a wrongful ouster or has exploited the property in a manner resulting in permanent depreciation