Estates and Future Interest - Concurrent Estates Flashcards
What is tenancy in common?
Each co-owner holds an undivided fractional share in the entire parcel of land, and each is entitled to simultaneous possession and enjoyment in the entire parcel of land.
What is the difference between joint tenancy and tenancy in common regarding right to survivorship?
Joint tenants have right of survivorship and tenancy in common they don’t.
What are the rights and duties of cotenants?
Each has equal right to enjoyment of the whole property.
Event if one cotenant is in possession of the whole property does not owe rent to the other cotenants that don’t possess it.
- Each CT is entitled to a pro rata share of:
- Rents paid by 3rd parties
- Profits from the land
Not individually liable for cost of repairs or improvements unless special circumstances.
Who can tenancy by the entirety be created in?
What five unities to create?
Is it still used?
How is it terminated?
Can only be created in husband and wife.
- Ex to A and B as tenants by the entirety
- abolished in most states
Unities required:
- Tenants had to acquire title at the same time.
-acquire title by same deed or will.
-Each interest had to be identical in size.
-Each tenant had to have equal right of possession.
- unity of marriage.
Terminated by divorce, death of a spouse, or mutual agreement.
Can any tenant in common or joint tenant end co-tenancy and how?
Yes - by suing for partition
No need to show cause.
- Court will either grant partition in kind
- or partition by sale
Cotenant can also sever joint tenancy by conveying interest to another person.
example: A and B joint tenants, B conveys to C, A and C now have tenancy in common - unities of time and title are now missing.
What is partition in kind?
Physical division of land
What are the three types of concurrent estates?
Tenancy in common
Joint Tenancy
Tenancy by the entirety
What is partition by sale?
Division of proceeds from judicial sale of land
What is a concurrent estate?
A present estate in real or personal property that can be owned by 2 or more persons, each holding the right to concurrent possession.
How is joint tenancy different from tenancy in common?
a Joint tenant has right of survivorship.
