concurrent estates in land Flashcards
tenancy in common
estate with multiple tenants in which each co-tenant owns a distinct, undivided interest and each has a right to possession of the whole estate
freely transferable; no survivorship rights (upon death of a co-tenant, her interest doesn’t pass to remaining co-tenants)
joint tenancy creation conditions
1) JTs take interests at the same time
2) JTs receive conveyance thru same instrument
3) JTs take equal and identical interests
4) JTs have equal possessory rights
joint tenancy right of survivorship
if one JT dies, surviving JTs automatically take equal possession of deceased JT’s share
joint tenancy transferability
a JT becomes a tenancy in common upon transfer; does not destroy the entire JT if two or more JTs remain
tenancy by the entirety
marital estate, similar to JT but between a married couple; created by conveyance to a married couple and requires same 4 conditions as a JT (time, title, interest, possession)
tenancy by the entirety characteristics
right of survivorship, no right to convey/partition, protected from creditors of just one spouse
ways to sever tenancy by the entirety
1) death of one co-tenant
2) issuance of a divorce decree
3) execution by a joint creditor (e.g., foreclosure)
severance creates a tenancy in common
co-tenants’ rights
1) right to possess the whole
2) not required to pay rent/reimburse co-tenants for tenant’s use of land
3) right to share in rents from third parties and profits derived from use of land that depletes its value
4) contribution from co-tenants for reasonable repairs
5) judicial partition
6) credit for an increase in value attributable to improvements