Modules 1-11 Flashcards
JTWROS
alienable inter vivos; not descendible or devisable
4 unities of JTWROS
- Time - created at the same time
- Title - conveyed by the same title
- Identical - tenants have identical interests
- Possession - both tenants have right to possess the whole
Severance of JTWROS
SAP (sale and partition)
can sell during lifetime
3 types of partition
1. voluntary agreement
2. partition in kind - physical division of the property
3. forced sale - land is sold and sale proceeds are divided proportionately
transactions that do not result in severance of joint tenancy
Mortgages, effect of one joint tenant murdering another (forms tenancy in common), testamentary disposition has no effect (will does not work)
lien theory (majority)
lien on title does not sever joint tenancy; severance only occurs if the mortgage is foreclosed and the property is sold
title theory (minority)
severs joint tenancy; giving creditor lien on one’s share is the equivalent of transferring title to that creditor
tenancy by the entirety
created only between marital partners; creditors of one spouse cannot touch the tenancy; one spouse acting alone cannot defeat the right of survivorship by unilaterally conveying to a third party
sever by divorce, mutual agreement, or execution of joint creditor of BOTH spouses
tenancy by the entirety and divorce
becomes tenancy in common
tenancy in common
no right of survivorship; each co-tenant owns individual part and each haas a right to possess the whole; interest is devisable, descendible, and alienable
one co-tenant cannot exclude other co-tenants until what?
they have committed ouster
rents and profits of co-tenant in exclusive possession
dont need to share profits with non-possession co-tenants absent ouster or agreement to contrary
co-tenant who leases property to third party must share profits to the percentage of each co-tenant’s ownership interest
repairs of property by co-tenants
entitled to reimbursement for reasonable, necessary repairs if they have notified other co-tenants about it
Does a co-tenant have entitlement to contribution for improvements?
NO
Co-tenants cannot commit _____________.
waste
voluntary waste
willful destruction
permissive waste
neglect
ameliorative waste/affirmative waste
unilateral change that increases the value; co-tenants must be reimbursed if there was sentimental value that was destroyed and it can be quantified
tenancy for years - “I can see your end date”
fixed, determined period of time; ends automatically act its termination date
termination of tenancy for years upon breach of lease covenant
landlord reserves the right of entry, which allows them to terminate the lease if the tenant breaks any lease covenants
tenant’s duty to repair if the lease is silent
- maintain premises
- make routine repairs
- no ordinary wear and tear repairs
periodic tenancy - “the lease goes on and on and on and on”
continues for successive intervals until either the landlord or the tenant gives proper notice of termination
creation of periodic tenancy
can be express or implied (no mention of duration, but payments made on monthly basis)
termination of periodic tenancy
notice (usually written) must be given; at least equal to the length of the period itself, unless otherwise agreed
notice required for month-to-month lease
1 month