Concurrent Ownership

Question 1

Joint Tenancy

Answer 1

Form of co-ownership between two or more persons of an interest in real property whereby such a persons own the interest together and each person has exactly the same rights in that interest as his co-tenants. The survivor takes the whole under right of survivorship.

Common Law - Presumed Joint Tenancy
Modern Law - Presumed Tenancy in Common

Question 2

Elements of Joint Tenancy

Answer 2

Possession - has right to use the whole property
Interest - same interest in type and duration
Title - Acquire interest by same instrument
Time - Acquire interest at same time

Question 3

Termination of Joint Tenancy

Answer 3

Can be terminated by unilateral action of any joint tenant.

Severance by Conveyance - 3 joint tenants, 1 sells equals 2 joint tenants and 1 tenant in common. 2 joint tenants, 1 sells a portion, 2 joint tenants for portion not sold, 1 tenant in common for portion sold

Mortgage: One JT cannot unilaterally execute a mortgage over entire interest, only half.
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Lien Theory - Majority - No severance

Title Theory - Minority - Severance; Tenants in Common

Lease:

Common Law - Severance
Modern Law - No Severance

Question 4

Tenancy in Common

Answer 4

Each co-tenant is the owner of an undivided interest in the whole. Only the unity of possession is required, each co-tenant has equal right to use, occupation and enjoyment of property, no rights of survivorship.

Question 5

Termination of Tenancy in Common

Answer 5

Judicial action of partition, tenants joining to sell or dispose of property.

Question 6

Tenancy by the Entirety

Answer 6

Joint tenancy created between husband and wife.

Severance limited to divorce, death, mutual agreement and execution by joint creditor.

Question 7

Rights and Duties Among Co-Tenants

Answer 7

Difficult to adversely possess against co-tenant unless ouster or expressed declaration to control the entire possession.

Out of Possession Co-Tenant has no right to share profits. Not liable for losses. No right to reimbursement for rental value from co-tenant unless agreement.

Right to rent/profits from a 3rd person or use of land that reduces value.

Must share profits for minerals or timber from land.

Repairs elected by 1 co-tenant jurisdictions split on reimbursed by other co-tenant, unless in setoff in case for partition.

Taxes and mortgages shared in proportional ownership value.