Property Flashcards
Batman and Robin bought a piece of property. Batman paid $20k of the purchase price and Robin $10k. How do they hold the property?
They both hold the property as a Tenancy in common: Batman has a 2/3 interest; Robin has a 1/3 interest
O conveys Blackacre to A, B, and C as joint tenants and not as tenants in common, with full right of survivorship. Subsequently, A conveys her interest in Blackacre to D. The conveyance to D breaks the unity of time and title as to the D’s interest. Therefore, D holds his one-third interest as a tenant in common with B and C. What interests remain if B thereafter dies?
Tenancy in common between C and D. D holds a 1/3 interest and C holds a 2/3 interest. They hold the property together as tenants in common.
Tenancy in common
each co-tenant holds an undivided interest in the whole of the property.
Tenancy in common creation requirements
Tenancy in common creation requires a unity of possession - each tenant has right to possess the whole
Joint tenancy
each co-tenant owns an undivided interest in the whole of the property and has a right of survivorship
Joint tenancy creation requirements: Common law and Modern Law
TTIP
Common law:
Time (take at the same time)
Title (take y the same instrument)
Interest (take equal shares of the same type) and
Possession (each tenant has the right to possess the whole)
Modern Law: only requires interest and possession
“O to A and his heirs”
Present Estate
fee simple absolute
“O to A”
Present Estate
fee simple absolute
“O to A and his heirs for so long as the premises are used for educational purposes”
Present Estate
Fee Simple Determinable
“O to A and his heirs, but if the premises are not used for educational purposes, then O has the right to reenter the premises and terminate A’s estate.”
Present Estate
fee simple subject to a condition subsequent
O to A for life; provided, however, that if the premises are not used for charitable purposes, O may reenter and retake the premises
Present Estate
life estate subject to a condition subsequent
“O to A for so long as the premises are used for charitable purposes, but if the premises cease to be used for charitable purposes, then to B.”
Present Estate
fee simple subject to executory interest
“O to A, but if the premises cease to be used for educational purposes, then to B.”
Present Estate
fee simple subject to executory interest
“O to A and the heirs of his body.”
Present Estate
fee tail
“O to A for life”
Present Estate
life estate
“O to A for the life of B”
Present Estate
life estate pur autre vie