Concurrent Estates

Question 1

List the Types of Concurrent Estates.

Answer 1

Joint Tenancy - Joint Tenancy with Right of Survivorship: A joint tenancy with the right of survivorship requires 4 unities: (1) time, (2) title, (3) interest, and (4) possession. Where a joint tenancy is severed voluntarily or involuntarily, the joint tenancy is destroyed and a tenancy in common results.

Tenancy in Common - When two or more persons own a property with no right of survivorship.

Question 2

What are the Rights of Co-Tenants to Possession?

Answer 2

Possession: Each co-tenant has the right to possess all portions of the property, but no right to exclusive possession of any of it. A co-tenant out of possession cannot bring a possessory action unless ousted

Question 3

What are the Rights of Co-Tenants to Profits?

Answer 3

Co-tenant in possession has right to retain profits gained by use of the property, and there is no need to share those profits with other co-tenants or reimburse them for rent, absent (1) a written agreement to the contrary or (2) if use depletes property.

A co-tenant must, however, share net rental income from third parties and net profits gained from exploitation of the land.