Forms Of Real Property Ownership - Part 1 Flashcards
Estate in severalty
One person owns the property, and all other interests are severed. Although it sounds like several, don’t let that for you the root word is sever, one person owns the property, and all other interests are severed.
Example break out the bubbly first time homeowner Dan was over the moon to sign the papers on his condo as an estate in severalty. It was his and his alone.
Co-ownership
When more than one person owns the same piece of real estate. Property with ownership by more than one person.
Also called concurrent ownership.
Example there are two common types of co-ownership, joint tenancy with rights of survivorship and tenancy in common.
What are types of co ownerships
Tenancy in common:
each person is entitled to possession of the hole. If one dies, that persons ownership is inheritable and doesn’t necessarily pass to the other.
Joint tenancy:
This is defined as equal ownership with individual rights of possession and inquiries unity of four separate conditions : all owners must have the same type of interest in the property, all must receive their title at the same time from the same source, almost have the same percentage of ownership, and almost have the right to to undivided possession in the property. When there is only one co-owner left after death, the survivor takes the title in severalty sole ownership.
Tenancy by the entirety:
Married
this type of tenancy has the right of survivorship of the spouse. You cannot sell property or interest without divorce, annulment, or the couple to amend the title.
What are two types of termination of ownership?
Termination of joint tenancy :
joint tenants may sell their personal share of ownership. However, the buyer of the share does not become a joint tenant, because the required for unity is do not exist. The new buyers didn’t receive a title at the same time as the other tenants.
Termination of co-ownership by partition:
in order to terminate a tenancy in common entirety , you may need to bring legal action to have the property partition which would allow each tenant to have a specific divider portion partition of the property exclusively .
Tenancy in common
A form of ownership that includes an individual interest in the property owners may sell, convey, mortgage, or transfer their interest without the consent of co-owners.
Common law = equal
Example Bailey and her brother Bill inherited their uncles house. The will did not specify how they were to take title, so they were automatically made tenants in common.
Joint tenancy
Property is owned by a group of two or more persons. The death of one person simply raises the steak. The others have in the property called right of survivorship.
Example: Nelly became nervous when three of the joint tenants in the commercial building she owned with Victor died under suspicious circumstances. She and Victor now shared ownership.
Tenancy by the entirety
A type of concurrent, estate and real property in which the owners of property are married, each spouse has an equal and undivided interest in the property.
Tenancy in Common law CA married couples
think of marriage as entire life
Tenants in common
Concurrent ownership with two or more people.
No right of survivorship, when a co-owner, dies interest can pass according to the descendants will, the beneficiary becomes a tenant in common.
Special wording:
Deed ( owners, may each have their own) may contain the words”
“ tenants in common” if no specific wording is included almost all states assume tenants in common is the co-ownership type equal interest isn’t required.
Unities : time, Title , interest, possession
Right to partition: co-owners, can request court, ordered partitioning of property to terminate tenancy in common
Interest in the whole property : undivided each co-owner has the right to possess the entire property, but can’t claim or exclude others from a specific portion of the property. Each owner can sell, trade gift, etc. on interest without other owners consent.
Joint tendency
Concurrent ownership with two or more people
Rights of survivorship:
Includes the right of survivorship when a joint tenant dies enters, passes to the other joint tenant. When there are only two joint tenants left, the death of one owners terminates, the joint tenancy, and the survivor takes the title, sole ownership.
Special words : may be created by a will, otherwise deed must identify each owner as a joint tenant.
Unities : time, title, interest, possession
Right to petition : petition Sweet may jeopardize joint tenancy.
Interest in the whole property : undivided each co-owner has the right to possess the entire property, but can’t claim or include others from a specific portion of property owners can’t sell trade gift, etc. without other owners consent
Tenancy by entirety
Concurrent ownership between two married people.
Between spouses only when one spouse dies interest passes to the other spouse.
Husband and wife as tenants by the entirety with the right of survivorship.
Unities: time, title, interest, possession, person
Right to partition: divorce, annulment, co-owners, become tenants in common
Undivided, neither spouse, Ken will, sell, trade, gift, etc.
What is the most complete form of ownership and bundle of rights in real property?
Fee on condition
Fee simple, absolute
Fee simple
Life estate
Fee simple absolute
What is an inheritable freehold estate?
Fee simple
What is a property that is possessed for someone’s lifetime?
Life estate
Tom Junior can own the property transferred by his parents, but only if he develops the land, his ownership will end. What estate term is this?
Fee on condition
Mr. Smith passed away without a will. Attempts to locate errors or creditors, have come up empty, and the state has claimed his property.
Escheat
Homestead
Remainder Entress
Escheat
