Concurrent Estates & Related Interests Flashcards
What is a Tenancy in Common?
A tenancy in common allows for a separate but undivided interest in the property with a right to possess the property as a whole, and a right to transfer the interest during lifetime or at death.
What is a Joint Tenancy?
A joint tenancy is created when an interest is conveyed with the four unities of time, title, interest, and possession.
Modernly, to create a joint tenancy there must be intent and a clear expression of survivorship language such as “with the right of survivorship.”
What is the effect of sever on a joint tenancy?
When a joint tenant severs one of the four unities, the joint tenancy terminates and creates a tenancy in common.
Whether a mortgage taken by a joint tenant severs the joint tenancy depends on __________.
whether the jurisdiction is a lien theory or title theory state
The statutory presumption is that a conveyance to two or more persons creates a ___________.
tenancy in common
What is effect does Lien Theory have on a joint tenancy?
Under the majority view, the lien theory allows for the mortgage to be treated as a lien and does not terminate the joint tenancy.
What effect does Title Theory have on a joint tenancy?
Under the minority title theory view, the mortgagee is granted title to the property until the mortgage is paid, so this severs one of the four unities and creates a tenancy in common.
