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Property > Concurrent Ownership > Flashcards

Concurrent Ownership Flashcards

1
Q
  1. Tenancy in Common

Each co-owner has what share of the property?

Each owner is entitled to simultaneous (blank) and (blank) of the whole.

A

Each co-owner has undivided fractionional share of the entire parcel

Entitled to simulaneous possession and enjoyment of the whole

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2
Q

What is the Modern Assumption in relation to a tenancy in common?

A

Modern assumption is that any conveyance to two or more unmarried people creates a tenancy in common, as long as there is no clear languate expressing intent otherwise

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3
Q

True or False:

The shares between owners in a tenancy in common must be equal shares

A

FALSE

Shares can be unequal, but equal rights to possess and enjoy every part of the property

It is critical that all owners have equal rights to possession. If they don’t, it’s not a tenancy in common.

The proportions don’t necessarily have to be equal, but they must have equal right to possession.

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4
Q

True of False

Individual interests of a tenancy in common are transerable.

A

TRUE

Each co-tenant owns a separate property interest

Individual property interests are transferable

Individual creditors can reach interesets

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5
Q

Termination of a tenancy in common

What happens in an Agreed Deed Severance?

(Say the deed is between A & B)

A
  1. Agreement: if A & B cannot agree on use of property, A wants west side and B wants east side.
  2. Deed: A deeds his east share to B, B deeds his west share to A
  3. Result: property is divided, no more tenancy in common
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6
Q

Tenancy in Common:

Individuals can force partition in what two ways?

A
  1. Physical: co-tenants agree on physical division of land or request that a judge divide it
  2. Sale: if physical partition is not possible, judge can force sale and split proceeds or force cotnant to sell to another co-tenant
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7
Q

Tenancy in Common:

What does it mean that an interest in a tenancy in common has No Right to Survivorship?

A

Means when a co-tenant dies th interest passes to her devisees or heirs, not distributed to the surviving co-owners

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8
Q

If a co-tenant in a tenancy in common sells his interest without consent of the other co-tenants, what happens?

A

The interest is sold, does not end the TIC. Co-owners have the right to sell, mortgage or transfer interest without consent of other co-owners

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9
Q

Joint Tenancy

What are the four required unities?

A
  1. Time: interests created at same moment in time
  2. Title: interests created by the same title, both named in deed asequal holders
  3. Interest: created with an equal share of interest
  4. Possession: with equal rights to possession of the whole
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10
Q

What language must be explicit in the creation of a joint tenancy?

A

Must be EXPLICITLY joint in deed

Must use language:

  • “joint tenants,”
  • “joint tenants and not as tenants in common,” or
  • “joint tenants with survivorship,”
  • or as taking “jointly with survivorship”
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11
Q

What happens when an individual interest is transferred in a joint tenancy?

A

Destroys unities and creates a Tenancy in Common

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12
Q

Can individual creitors reach the interests in a joint tenancy?

What is the exception?

A

Yes individual creditors can reach interests

The exception: cannot reach interests after a joint tenant dies

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13
Q

Does a joint tenancy give right to survivorship?

What does the surviving tenant need to show?

A

Yes, when one joint tenant dies, the property automatically passes to the other joint tenants

All the other tenant needs is the deed and proof of the former tenant’s death

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14
Q

How can a joint tenancy change into a Tenancy in Common?

A

By destroying a unity, or by conveyance

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15
Q

A & B are joint tenants.

A conveys her interest to C.

Is this allowed? What is the result?

A

This is allowed. Each joint tenant can convey his interest during his life.

A’s deed severs the joint tenancy: converts into a tenancy in common between B & C.

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16
Q

What is the main disadvantage of a joint tenancy?

A

The possibility of secret severance/secret conveyance:

One tenant can sever the joint tenancy without notice to or consent of the other owners

If the property is conveyed to someone, the joint tenancy is split.

One tenant could transfer property to a third party for a minute, then the third party could immediately re-convey the property back, and the tenancy would be severed.

17
Q

When are they applied and what effects do the Slayer Statutes have on a joint tenancy?

A

If one joint tenant is convicted of killing another join tenant, the property is severed

18
Q

Example:

O to A & B as joint tenants.

B later conveys interest to C.

  1. What relationship do A & C have after the conveyance from B?
  2. What happens to A’s interest when A dies?
A
  1. A & C become tenants in common
  2. When A dies, there is no right of survivorship because there is no longer a joint tenancy, now a tenancy in common with no right of survivorship.

The interest goes to A’s heirs or wherever A wants it to go.

19
Q

Explain what happens in this scenario:

First: Zeigler to Allen & Brian & Gus as joint tenants

Then: Gus conveys interest to Sidran

  1. What happens when Gus conveys interest to Sidran, what specifically does it destroy?
  2. What relationship will Sidran have with Allen and Brian?
  3. What relationship will Allen and Brian have with eachother?
  4. Is there any right to survivorship for any of the above mentioned interests?
A
  1. Gus conveys interest to Sidran,
    destroying unity of time
  2. Sidran will be a tenant in common with Allen & Brian
  3. Allen & Brian continue as Joint Tenants bc their four unities have not been destroyed. A & B are joint tenants but Tenants in Common with X.
  4. X has no right of survivorship. A & B do not have a right of survivorship in X’s interest
20
Q

What can be seen as an (almost) un-severable joint tenancy with right of survivorship that can only he held by married people?

A

Tenancy by the Entirety

21
Q

What Four Unities are required to create a Tenancy by the Entirety?

A
  1. Time
  2. Interest
  3. Title
  4. Possession
22
Q

Tenancy by the Entirety

  1. Are individual interests transferrable?
  2. Can individual creditors reach the property? Joint Creditors?
  3. Can an individual force partition?
  4. Right of survivorship?
A
  1. Individual interests are not transferable
  2. Individual creditors cannot reach the property, Joint creditors can though.
  3. Individuals cannot force partition
  4. Yes there is a right of survivorship
23
Q

What can sever a tenancy by the entirety?

A

1. Divorce:

Divorce settlements usually indicate what will become of the property, but if not, the property will become either a tenancy in common or a joint tenancy with right of survivorship

2. Death:

Death of one tenant ripens the interest in the surviving tenant into a fee simple!

3. Joint creditors/conveyance

24
Q

In addition to the Four Unities, what condition is required for a valid Tenancy by the Entirety at the time of conveyance?

A

Tenants must be married at the time they take title

25
Q

Two major benefits of a tenancy by the entirety:

A
  1. No secret severance, individual interests are not transferrable
  2. Individual Creditors cannot reach TBTE
26
Q

Doctrine of Accounting applies two what form(s) of concurrent ownership?

A

Tenancy in Common

&

Joint Tenancy

27
Q

In a Tenancy in Common and in a Joint Tenancy, how can exclusive possession be created?

A

Doctrine of Accounting

Can only be created by an agreement of all co-tenants

28
Q

Doctrine of Accounting:

Cannot recover rent against tenant in exclusive possession unless he has been (blank)

A

Unless he has been ousted

Ouster: an act by one co-tenant depriving another of right to possession

Creates a cause of action for fair rental vlaue of the ousted co-tenant’s share

29
Q

Doctrine of Accounting

What is an ouster?

What does it do?

What are the two types?

A

Ouster: an act by one co-tenant depriving another of right to possession

Creates a cause of action for fair rental vlaue of the ousted co-tenant’s share

Physical: can physically force a co-tenant off the property (change locks)

Constructive: makes the property so unpleasant as to construe an ouster
(husband moves in basement and defecates all over walls after slutbag wife brings dude home from C&G)

30
Q

Doctrine of Accounting: Obligations of co-tenants for Contribution:

  1. Pay taxes?
  2. Pay mortgage?
  3. Ordinary repairs?
  4. Significant improvements?
  5. Insurance?
  6. Profits?
  7. Rent from 3rd party?
A
  1. Pay taxes: yes co-tenants obligated to pay their share
    1. Pay mortgage: yes the preexisting mortgage
    2. Ordinary repairs: yes responsible for ordinary repairs
    3. Significant improvements: no not responsible for significant improvements, they are considered voluntary, cant compel other co-tenants to pay but can get credit or off-set on accounting
    4. Insurance: yes have to pay insurance on structure
    5. Profits: if a co-tenant makes a profit on land from 3rd party, other co-tenants have a right to a share of the profits
    6. Rent from 3rd party: equal share to all co-tenants IF the income exceeds the collecting co-tenant’s proportionate share (after taxes and other charges)
31
Q

Doctrine of Accounting:

What consitutes waste?

Who is liable and when?

A

What constitutes waste depends on the circumstances of each case

Some cases cutting down timber could be beneficial, some cases it could be waste.

Person is liable for waste unless he has the consent of all other co-tenants

No tenant can alter common property to the injury of his cotenants without their consent

Property (17 decks)

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