MRE_Chapter8 Flashcards
Ownership in Severalty
Title held by one individual has the following characteristics: 1. Sole rights to ownership 2. Sole discretion of ttransfer part or all ownerships rights to another person 3. May be single individual or an artificial person such as corporation
Co-Ownership
Titles held by two or more individuals, may be one of four forms: 1. Tenancy in common 2. Joint Tenancy 3. Tenancy by the entirety 4. Community Property
Tenancy in common
- Each tenant holds an undivided fractional interest 2. Co-owners have unity of possessions – right to occupy entire property 3. Each interest can be sold, conveyed, mortgaged or transferred 4. Interest passes by will when a co-owner dies
Joint Tenancy (PITI)
Unity of Possession – All joint tenants have undivided right to possession Unity of interest – All joint tenants own an equal interest Unity of time – all joint tenants acquire their interest at the same time Unity of title – title is conveyed to all joint tenants by the same document
Termination of Joint Tenancy
Death of all but one joint tenant Conveyance of a joint tenant;s interest, but only as to that interest Partition, which can be brought to force division or sale of property
Tenancy by the Entirety
Recognized by some states has the following characteristics: 1.Only available to husband and wife 2. Title conveyed only by the deed sighed by both 3.Carries right of survivorship; survivor become owner of severalty
community property
Property acquired during marriage that is not separate property. Recognized by nine state as of 2010. It requires signatures of both spouses to be conveyed On death of one spouse, the other spouse owns one-half of community property and other half is distributed according to deceased spouse’s will or according to state law
Separate Property
Separate property is property owned by one spouse before marriage or by inheritance or gift of with proceeds of separate property It requires only one spouse’s signature to be conveyed
