Concurrent Estates Flashcards
TIC - What are the rights and duties of co-tenants? (WAR CRIPP)
(a) co-tenant must not commit WASTE;
(b) absent ouster - co-tenant in exclusive possession for statutory ADVERSE possession cannot acquire title to exclude others;
(c) co-tenant who leases to 3rd pty must account to others and provide fair share of RENT;
(d) each co-tenant responsible for share of CARRYING costs;
(e) repairing co-tenant enjoys right to contribution for reasonable REPAIRS provided he told the others;
(f) during life of co-tenancy, no right to CONTRIBUTION (may credit increase in value - bears liability for decrease);
(g) absent ouster, co-tenant in exclusive possession not liable to others for RENT;
(h) each TIC entitle to POSSESSION of the whole.
(i) a JT or TIC has a right to bring action for PARTITION.
What are the 3 types of waste? (Athletic Purple Aliens)
Affirmative, Permissive, Ameliorative
JOINT TENANCY - What are the four unities of title? (T-TIP)
JT’s must take their interests:
(1) TIME - at the same time;
(2) TITLE - by the same title (instrument);
(3) INTEREST - with identical/equal interest; and
(4) POSSESS - with same rights to possess the whole.
What is an ouster?
A CT who kicks another CT off the property or prevents from renting their interest to others (if claims exclusive right - CT must account to ousted CT for fair rental value).
What is a TENANCY IN COMMON?
Form of ownership with two or more people with no right of survivorship.
What is permissive waste?
property value drops because you fail to perform reasonable maintenance.
JOINT TENANCY - How can you sever a joint tenancy? (P-FECT)
(1) Partition;
(2) Foreclosure;
(3) Everyone else severs;
(4) Contract to sell/lease; OR
(5) Transfer.
What is a JOINT TENANCY?
Form of ownership between two or more people with the right of survivorship.
What is ameliorative waste?
prop value does not drop but you make substantial changes.
What is affirmative waste?
intentional/negligent damage. Property value drops because of conduct
How can you sever a tenancy by the entirety?
Death, divorce, mutual agreement, execution by joint creditor of both parties.
What is a TENANCY BY THE ENTIRETY.
Form of ownership between two married individuals with the right of survivorship.
