Ownership Flashcards
0
Q
Concurrent Ownership
A
Simultaneous by two or more people.
1
Q
Ownership in severity
A
Ownership by one person.
Any interest held by others have been “Severed”
2
Q
Joint tenancy
A
Four units of ownership Time Title Interest Possession Plus right of survivorship No Heirs, no heirs!!! Used to married couple.
3
Q
What if the owner does not want to be a owner or pass along
A
One one more co-tenants can buy that other interest in the property.
The property can be sold and distribute equally.
4
Q
Tenancy in common
A
Only unity of possession
Most common type of ownership
Inherit by the Heirs
No right of survivorship!!
5
Q
A person want to to the total of the other part from a house married in
A
Joint severalty
