Forms of Ownership

Question 1

the property only has ONE Owner. Does not matter if its

Answer 1

Severalty

Question 2

the statutory principle of survivorship tenancy, which means that when one co-owner dies, their ownership interest reverts to the surviving co-owner(s)

Without the right of survivorship, a co-owner’s interest goes to their heirs if they die, instead of the remaining co-owner(s).

Answer 2

right of survivorship

Question 3

Requires all four unities. Usually comes with the right of survivorship (in some states, this must be spelled out in the deed)

Generally includes right of survivorship. If a tenant dies than their share of property is absorbed by the remaining owners.

Answer 3

joint tenancy

Question 4

The legal concept is that property acquired during a marriage is acquired due to the shared effort of both partners. Therefore, it’s equally owned by the two of them. Arizona practices this

Cannot be sold without the signature of both spouses.

Takes 1 to buy 2 to sell

Answer 4

community property

Question 5

legal action brought with the purpose of terminating the ownership interest of a co-owner to real property

Answer 5

partition suit

Question 6

a type of interest that gives each co-owner the right of possession of the WHOLE property, not simply a portion of it.

EX: If there are two owners, one cannot prevent the other from using a certain part of the property.

Answer 6

Undivided Interest

Question 7

each co-owner has an equal right to enjoy the possession and use of the whole of the property, not just some designated portion thereof. No co-owner has the right to possess a part of the property exclusively.

Answer 7

Unity of Possession

Question 8

each co-owner holds an equal share in the property.

Answer 8

Unity of Interest

Question 9

the requirement of co-owners to acquire their ownership or interests at the same time.

Additional owners cannot be added at a later date. If an additional owner were to be added it would require a new contract write up.

Answer 9

Unity of Time

Question 10

requires co-owners to acquire their property from the same transaction.

Co-Owners must also hold the title under the same document. (EX: Deed/Will)

Answer 10

Unity of Title

Question 11

co-owners that are, for legal purposes relative to ownership of the property, a single indivisible unit.

Answer 11

Unity of Person

Question 12

a type of ownership reserved for marrieds only that only exists in certain states (Arizona is not one of them).

Answer 12

Tenancy by the entirety

Question 13

The most common form of co-ownership for unmarried co-owners.

In Arizona, if non-married co-owners don’t specify how they want to take title, they’ll be tenants in common.

Can be held in UNEQUAL shares. EX: 75 25

Unity of Posession

Answer 13

Tenancy in Common

Question 14

If one co-owner dies, their share goes to their heirs, not the rest of the co-owners.

Answer 14

Right of Inheritance

Question 15

Joint tenancy is transferred by deed, whether the transfer happens after the death of a co-owner or when a co-owner is still living.

A Co-Owner Dies
In the event of the death of a co-owner, the original deed sets in motion the equal and simultaneous survivorship rights of the surviving co-owners. They each receive an equal share of their dearly departed co-owner’s interest.

Transferring Ownership While Still Alive
However, if a still-living-and-breathing co-owner were to transfer their ownership by way of deed, something else altogether happens.

When a joint tenant (co-owner) transfers their ownership by deed, the new co-owner has ownership, but in a different form than that of the original co-owners. The original co-owners remain in their joint tenancy arrangement; the new guy has ownership of their share as a tenant in common relative to the rest of the gang.

Answer 15

Transferring Ownership: Joint Tenancy

Question 16

Joint Tenancy defeats marriage rights.

The right of survivorship has sometimes been called a “lazy will,” because the property will be deeded directly to the person inheriting it without going through probate. (Probate is the expensive and complicated process of having a judge execute someone’s will). The right of survivorship, or inheriting a property from a co-owner without going to probate, is one of the main advantages of JTROS.

Answer 16

Notes

Question 17

the ability to divide (or PART) certain forms of co-ownership into seperate interests or to convey a partial interest in a co-owned property unilaterally.

Answer 17

Partition

Question 18

is a form of co-ownership where legal spouses each hold an equal and undivided interest in the property which cannot be conveyed or encumbered without consent of the other. Just like joint tenancy, it comes with the right of survivorship.
Arizona does not recognize.

If one spouse dies the other owns the property in SEVERALTY.

Answer 18

Tenancy by the entirety

Question 19

By death: To be avoided, if possible. When this does occur, it results in tenancy in severalty.

By agreement: If the spouses both agree to terminate this ownership type, they can each sign a new deed to that effect.

By divorce: When a couple divorces, their tenancy by the entirety automatically becomes a tenancy in common, unless a judge rules otherwise.

Answer 19

How to Terminate a Tenancy by the Entirety

Question 20

is a type of property owned by a spouse that is not community property. It can be acquired in several ways:

Purchased before the marriage

Acquired by one spouse through a gift or inheritance during the marriage

Purchased by the spouse with separate funds during the marriage

Answer 20

Separate Property

Question 21

or ownership shared with another person (sometimes called concurrent ownership)

Answer 21

Co-ownership

Question 22

where a trust holds property for a person until they are ready to pass it on to their heir or beneficiary

Answer 22

Ownership in Trust