Forms of Ownership: Joint Tenancy vs Tenancy in Common Flashcards
What are the two ways you can own property?
Buy yourself or with someone else
What is Ownership in Severalty?
Owning a property by yourself.
What is Concurrent Estate?
Owning a property with others.
What are the two types of concurrent estate?
Joint tenancy and tenancy in common.
What is tenancy in common?
Most common form of concurrent ownership. Most adaptable. Only thing tenants in common completely share is possession.
What is joint tenancy?
Most restrictive. Each tenant must obtain equal shares of the property with the same document of ownership at the same time.
What are the four unities of joint tenancy?
Time, Title, Interest, and Possession
What is the acronym for the four types of joint tenancy?
TTIP (Time, Title, Interest, and Possession)
What is the right of survivorship?
What happens to the property when one of the owners dies.
If the owner of a joint tenancy dies what happens to the property?
The interest of the deceased owner automatically transfers to the surviving owners.
If the owner of a tenants in common dies what happens to the property?
No right to survivorship. Deceased tenant in common could will it or have a form of legal instrument to specify that their interest in the property is to be dived among the surviving owners.
How do you own property with a corporation?
Tenant in common because corporations don’t die they dissolve.
