Concurrent Ownership Flashcards
1
Q
What happen to a joint tenancy when one joint owner sales their interest to another joint owner?
A
If there are three initial joint owners, the sale severs the JTWRS an the JT not apart of the sale interest remains the same while the other JT has 1/3 JT and 1/3 TIC interest.
2
Q
What are the rights a life tenant?
A
The right of possession, the right of all rinse and profits during position, and the right to lease, sale, or mortgage the property.
To the extent that the property can produce income, life tenants have the obligation to pay all ordinary taxes on the land and interest on the mortgage.
