Concurrent Estates

Question 1

What are the elements required for a Joint Tenancy to be formed?

Answer 1

Time, Title, Interest, Possession, Right of Survivorship

Question 2

The sale of an interest in a Joint Tenancy turns that new co-owners interest into what?

Answer 2

Tenancy in Common, all others remain Joint Tenants

Question 3

What are the elements required to form a Tenancy by the Entirety?

Answer 3

Must be married persons taking as a fictitious “one person”, cannot be defeated by creditor of one spouse, or transferred by one spouse.

Question 4

Tenants in Common is the default. Do their interests need to be equal? Is there a right of survivorship?

Answer 4

No, TIC interests need not be equal. No, TIC do not have the right of survivorship.

Question 5

Rights and Duties of co-tenants (six) WRPTIP

Answer 5

Waste, Repairs, Possession, Taxes(mort/interest), Improvements, Profits/Rents