Concurrent Ownerships Flashcards
Tenants in common
Type of concurrent estate
To john & Jane and their heirs
Each party holds. 1/2 UNDIVIDED INTEREST
Concurrent estate
When two or more people hold title to the same estate
When on of tenants in common dies who takes prop?
Devisees or heirs
Can party of ten in common transfer interest without consent of another?.
Yes
What if one ten in common disagrees on management of prop?
It is partitioned
Can just using word jointly create a joint tenancy?
No need more. Jointly just means two people together.
To jane & john and their heirs w/ right of survivorship
Joint tenancy created
Joint tenancy
Each party holds a 1/2 interest with right if survivorship
Automatic process if one idea, other owns 100%
Each party can convey interest w/out consent of other
If can’t agree partitioned
Four fold unities
Unity of: Interest Title Time Possession PITT Single entity created, if any violatin then defaults to ten. in common
Unity if interest
Each tenant owns an equal share
If 3,,,1/3, etc
Unity of title
One document, same conveyance
Unity of time
Each tenant vested at same time
Unity if possession
Usu. forms the problem.
Each tenant is seized if the entire estate.
Types of partition
By sale or in kind
In kind
Land is physically spli
Tenancy by entirety
5th fold unity Married only Com law-husband control Today, joint control Need each other permission If one owns debt if in ten entirety can't be seized .(unless creditor of both parties
Partition rights with tenancy by entirety?
No
Only divorce gets rid of it.
To john et aux
Tenancy by entirety
Curtesy
Husband gets a life estate on wife’s real estate when a child is born
Dower
Wife gets a life estate in 1/3 of husbands real estate if she survives him
Minority rule
Election
Some states call a dower right. Get to chose what he owned w/in any part of marriage.
If give up dower rts surrender , take on will or intestate statute rights (most rather want this)
Homestead
Allows family prevent creditors from seizing a home. (Not mortgage co. Creditors, other)
Mass…must be a value above 500,000.
Community property
System used mostly in west. To control ownership of property obtained during marriage.
- prop owned b4 marriage remains his/hers
- prop acq durin-both
Right of survivorship must be clearly expressed
Or you get a ten in com on FSA
Or ten in common in life estate w/cont remainder in FSA inthe SURVIVOR.
Is a mortgage a lien?
Yes by maj rule.
If there a foreclosure legal title will be conveyed.
Is mortgage paid off lien is extinguished
Lien
A security device, does NOT constiture a conveyance of land.
Minority rule mortgage
IS A CONVEYANCE of an estate.
Of defeasible title to the bank
Fee holder maintains equity of redemption
Foreclosure then redempt is extinguished
Paid off then reconveyed from bank to fee holder
Manic words for Joint tenancy
Right of survivorship
To john & Jane,
Husband & wife, & their heirs
Maj rule-ten in comm in FSA
Min- ten by entirety in FSA
Tenants by the Entirety as Joint Tenants
“To John & Jane, husband & wife, as tenants by the entirety and
to Sam & Susan, husband & wife, as tenants by the entirety, as
joint tenants with the right of survivorship
Only if the four-fold unities are satisfied
-Unity of interest
Satisfied as each tenancy by the entirety holds the entire estate
- Unity of Title
Satisfied as each tenancy by the entirety received its interest in the same
conveyance
- Unity of Time
Satisfied as each tenancy by the entirety vested upon conveyance
-Unity of Possession
Satisfied as each tenancy by the entirety is seized of the same estate
Conclusion: tenants by the entirety can be joint tenants
Tenants in Common as Joint Tenants
“To Jane & John as tenants in common and to Sally & Sam
as tenants in common, as joint tenants with the right of
survivorship”
Only if the four-fold unities are satisfied
& Unity of interest?
< Satisfied as each tenant in common holds the entire estate
& Unity of Title?
< Initially satisfied as each tenant in common received her interest in the
same conveyance, but broken as soon as the first cotenant dies
& Unity of Time?
< Same as unity of title — broken as soon as the first cotenant dies
& Unity of Possession?
< Satisfied as each tenant in common is seized of the same estate
& Conclusion: tenants in common cannot be joint tenants
Jackson v. O’Connell
Nellie Conveys Her a to Anna:
-Anna now holds a as a tenant in common
Anna & Katherine hold b as joint tenants
anna dies:
Anna’s two interests go to different people:
Katherine gets the a that is held in the joint tenancy
Nieces get the a that is held in the tenancy in common
To John & Jane, not as tenants in common but
as joint tenants with the right of survivorship?
Joint tenancy
To John & Jane for their joint lives, remainder
in the survivor of them?
Tenants in common in a life estate with a contingent
remainder in the survivor
< Grantor has a reversion
can contingent remainders be conveyed using a quitclaim deed?
no
Palmer v. Flint
Unto the said Nathan H. Palmer and Alice E.
Palmer as joint tenants, and not as tenants in
common, to them and their assigns and to the
survivor, and the heirs and assigns of the survivor
forever” p. 395, ¶ 3
She is claiming that the deed from the Federal
Land Bank conveyed a life estate followed by a
contingent remainder in the survivor instead of a
joint tenancy in fee simple absolute
Consequently, as the conveyance to Nathan was
by quitclaim deed, the contingent remainder did
not transfer to him; instead, it became possessory
when Alice survived Nathan
in tenancy by entirety
creditor will attach survivorship right but only worth it if spouse in debt survives
If the non-mortgagor cotenant dies first, (lien state)
after death of jt. ten
the
value of the mortgage security increases
If the mortgagor cotenant dies first(lien state)
aftr death of jt. ten.
The mortgage security is extinguished
& A remedy is usually still available, however, as a
claim can be made against the mortgagor’s estate
As soon as a mortgage is granted, the four-fold
unities have been broken (title state)
after death of jt tent
As soon as a mortgage is granted, the four-fold
unities have been broken
Title — Cotenant and Bank got their interests in
different documents
Time — Cotenant vested at original conveyance;
Bank vested when the mortgage was granted
As the unities are broken, the joint tenancy is
severed and the cotenancy is transformed into
a tenancy in common
is mass a title state?
yes
how to sever a joint tenancy?
Establish the intent that the survivorship
should terminate
- Conveyance
- Killing, or attempting to kill, the cotenant
how cotenants define rules/relat/obligations btwn themselves
contract
if none, law normative rules will apply
if one cotenant pays more than her portion of share what happens?
she is entitled to contribution
from the other cotenants
*any expense common to entire estate
do cotenants owe each other a fiduciary duty
yes
*does not apply to charges
that are against a cotenant’s share rather than
against the entire estate
A house is held by two tenants in common, John and Jane. John occupies the house.
Jane is not entitled to anything — a cotenant is
not obligated to pay the other cotenants rent
for occupying the premises as all cotenants
have a co-equal right of possession
‘ If, however, one cotenant prevents another
from also possessing the property, damages
for “ouster” are owed
“accounting
ct apts a special master (usu a CPA) will determine if expenses paid & profits recieved are out of balance
right to partition
Joint ten & ten in common
can be surrendered
intent to surrendor right to partition
only for a reas. period of timen (if violates RAP then unreas by def)
-must be clearly stated in writing
-The court might not enforce the agreement if circumstances
between the parties have changed
significantly enough to make enforcement unjust
paritioning a FUTURE INTEREST
The court might not enforce the agreement if circumstances
between the parties have changed
significantly enough to make enforcement unjust
(Also, from a practical perspective, as you cannot split
a future interest in kind, is it likely that anyone would
buy the future interest at auction?)
private partition
best way: sell prop & split
avoids costly litigation
