Concurrent Estates - Co-Tenancies

Question 1

Tenancy in Common

Answer 1

Presumed if grant is to two people. Each interest goes to the heirs on death.

Question 2

Joint Tenancy

Answer 2

Requires survivorship. There are four requirements:

(1) Created at the same time
(2) each possesses the same title
(3) each possesses the same duration
(4) each has the right to possess

Question 3

Joint Tenancy Severance

Answer 3

A joint tenant who conveys during the joint tenancy breaks the joint tenancy, and the transferee obtains a tenancy in common, while the remaining joint tenants keep their joint tenancy with respect to each other.

Question 4

Joint Tenancy and Liens/Mortgages

Answer 4

Majority rules that they do not sever a joint tenancy. Usually both tenants must sign the mortgage because if only one signs and then dies, the mortgage ends and the other takes full possession.

Question 5

Rights of Non-possessing Co-tenants

Answer 5

(1) No rights to profits of the business of the possessing cotenant unless the business depletes the property.
(2) Right to third party income/rent if possessing cotenant rents to someone else
(3) No losses shared
(4) No right to rent from possessing cotenant
(5) a co-tenant in sole possession who pays the taxes and mortgage is only entitled to reimbursement in the amount that exceeds the rental value of the property.