Concurrent Estates and Co-Ownership

Question 1

Three Types

Answer 1

1. Joint Tenancy
2. Tenancy by the Entirety
3. Tenancy in Common

Question 2

Characteristics of a Joint Tenancy

Answer 2

• Right of Survivorship (which must be clearly expressed)
• Equal interests of tenants
• Alienable, but not devisable or descendible (because of the ROS)
• Four Unities required
• Severable through SPAM

Question 3

Four Unities for Joint Tenancy

Answer 3

1. Time - each tenant takes at the same time
2. Title - taken under same title or instrument
3. Identical Interest - each tenant has same and equal interest
4. Possessory Rights - Each joint tenant has a ROS

Question 4

Types of Parition

Answer 4

1. voluntary agreement w/ no court action
2. partition in kind (court splits the land itself)
3. forced sale (court sells and splits the proceeds)

Question 5

Mortgage Method

Answer 5

At common law this severed joint tenancy, but doesn’t anymore. Just vies bank a lien.

Question 6

Tenancy by the Entirety

Answer 6

• Treats married couple as one person with ROS.
• Adopted in 21 states.
• Different from JT because unilateral conveyance isn’t allowed.
• Divorce changes to TIC.
• Requires 4 Unities + Marriage

Question 7

Tenancy in Common

Answer 7

• Each tenant owns an individual interest and each tenant has the right to possess the whole, but the individual interests don’t have to be equal.
• Each interest is alienable, devisable, and descendible (no ROS)
• If sold or rented, profit is apportioned amongst tenants based on interests held