Concurrent Estates

Question 1

Tenancy in common

Answer 1

• two or more grantees with unity of possession
• There is no right of survivorship
• each cotenant has distinct, proportionate, undivided interest in the property
• the interest is freely devisable or transferable and
• in Florida transfer of real property to two or more people creates a tenancy in common unless the instrument expressly provides for right of survivorship or tenancy by the entirety

Question 2

Joint tenancy with the right of survivorship

Answer 2

-Express language needed to create it otherwise its a TIC
-two or more tenants own the property with the right of survivor ship
-the interest is alienable but not devisable or descendible
Four unities required
equal rights to POSSESS the whole
identical equal INTERESTS
created at the same TIME
by the same TITLE
In Florida a landowner may create a joint tenancy in himself and another by single Deed when the language is ambiguous as to the right of survivorship a tenancy in common is created
-if one joins tenant or tenants by the entirety is convicted of intentionally killing the other the joint tenancy or tenancy by the entirety severed
In Florida which is a lien theory state the lien does not sever the joint tenancy severance occurs when property is levied and sold

Question 3

Tenancy by the entirety

Answer 3

Available only to married couples
It is a joint tenancy between married persons and includes the right of survivorship
Neither party can alienate or encumber the property without consent consent of the other
In Florida property owned by both the husband and wife is presumed to be held as tenants by the entirety unless there’s express language creating some other form of ownership
-when property is held as a tenancy by the entirety only joint creditors can attack the property

Question 4

The rights and duties of co-owners

Answer 4

• each co-owner has the right to possess all portions of the property but cannot have exclusive possession
• rents and proceeds must be shared according to pro rata interest
• if one co-owner encumbers the property he has only encumbered his interest in the property