Cotenancy

Question 1

Tenancy in Common

Answer 1

(presumed)
- no right of survivorship (to decdents)
- is freely transferable

Question 2

Joint Tenancy

Answer 2

Keywords: includes words of survivorship and four unities
1. posession - right to posses entire prop
2. interest - JT must have same interest
3. time - JT have title at same time
4. title- JT take title in same document

Question 3

Right of Survivorship

Joint Tenancy

Answer 3

when one cotenant dies, the interest transfers automatically to other cotenants

• not devisable/inheritable

Question 4

Severance

Answer 4

1) if JT conveys interest to another by deed
2) signs a K to sell an interest in property
3) takes a mortgage out on the interest in a title theory JX (lien theory = no severance)

Question 5

Tenancy by Entirety (Marriage)

Answer 5

same elements as JT (Posession, interest, time, title) and tenants are legally married.

• each has equal and undivided interest
• right of survivorship

Question 6

Severance for Marriage tenancy (T by Entirety)

Answer 6

1) spouse dies
2) divorce
3) mutual agreement

Question 7

Partition

Answer 7

destroys cotenancy
- tenants in common/JTs

happens when:
1) parties voluntarily write to physically divide property or sell prop to another
2) 1+ CTs files a court action to force a division of sale or property.

Question 8

Types of Partition

Answer 8

-voluntary/involuntary(court ordered)
1) Part in Kind = court order to physically divide property
2) part by sale = court ordered prop to be sold and proceeds split equitably. (ONLY IF PART IN KIND IS NOT POSSIBLE, IMPRACTICABLE OR RESULTS IN SUBSTANTIAL INJURY).

Question 9

Rights/Obligations of Cotenants

Answer 9

1. posession
2. ouster (if no access, other tenant can receive rental value)
3. expenses: share necessary/beneficial expenses(taxes)
4. Rent/profits: third party are shared, cant collect rent from other CT unless there is ouster
5. repairs: shared, in exclusive posession cant seek contribution but can seek reimburement in accounting