Concurrent Ownership Flashcards
Tenancy in Common
Each tenant owns a share of the same piece of property. Each co-tenant has an equal right to possess the whole property and to share equally in rents and appreciation in value.
TC property is transferable, devisable, and inheritable
Joint tenancy with rights to survivorship
when a tenant dies, her interest ends. The surviving tenant owns the property outright, and may sell or devise the property.
Language: to A and B as joint tenants with right of survivorship and not as tenants in common!!
Elements:
- time (although not recognized in the modern day because of the straw person)
- unity of title
- unity in interest-each tenant owns equal shares of the same estate
- unity of possession- each joint tenant has a right to possession of the whole property
Severance
When one of the four unities of JTWRS no longer exists, its severed and becomes a tenancy in common.
Can only partition with Tenants in Common or joint tenants with right to survivorship.
Tenancy by the entirety
limited to married couples who own the property as a unit, not equal shares.
Five unities: Same four as above + marriage
Divorce terminates TBE and tenancy in common results in most states. Some states the result will be JTWRS
Cannot unilaterally sever and CANNOT SEEK PARTITION
Ouster Rule
the occupying tenant acts to prevent the other co-tenants from using the property (changing locks or makes use of the property in a way that no other use can be made of any part of the property).
Partition in Kind
Physical partition. Courts favor this kind of partition because it doesn’t force a person to sell if they do not wish to do so. Property is divided into parcels of equal value. If the property cannot be divided, court may order payment from one party to another to equalize the division
Partition by Sale
Property is sold and proceeds are spit among the concurrent owners.
