How Ownership is Held Flashcards
Co-Ownership (also called co-tenants)
when a parcel is owned by two or more persons or organizations
Living Trust
Allows the trustor to transfer title to a trustee for the benefit of a third party during their lifetime.
What is a ‘Land Trust’?
a legal entity that takes ownership of a piece of property at the request of the property owner
Deed in Trust
grants the beneficiary the rights to possess and use the property and exercise control over the actions of the trustee
What is ‘Tenancy in Common’ also known as?
Estate in Common
Tenancy in Common
the most common form of co-ownership when the owners aren’t married
What is ‘Joint Tenancy’ ?
when two (or more) people collectively own equal rights/interests in a property as if they were a single person (one entity).
*These shares cannot be divided up.
Termination by Partition Suit
Termination of joint tenancy through a lawsuit
Partition Suit (in terms of co-ownership)
legal way for an owner to dispose of their interest against the wishes of other co-owners
Estate in Severalty
when a single party owns an estate (sole ownership)
Tenancy in Partnership
a form of ownership held by business partners, as provided by the Uniform Partnership Act
Condominiums
A hybrid form of ownership of multi-unit residential or commercial properties
Cooperative
when a person owns shares in a nonprofit corporation or cooperative association
Define ‘Transfers’ in regards to Co-op ownership:
Assigning both the stock certificates and lease to the buyer
Proprietary Lease (co-op lease)
a lease wherein the tenant is a part owner of the corporation that owns the property
