Property Law: B. Co-Tenancy Flashcards
What is a tenancy in Common
Feb 2009, Essay 4
Tenancy in common is the default estate created by a conveyance or bequest of real property to two or more people. Unless there is language the creates a survivorship or tenancy by the entirety.
How to create a tenancy in common?
To create a tenancy in common, the grantor does not need to use explicit language.
What does each tenant own?
Each tenant in common owns an undivided interest in the property, and has the right to use and enjoy the entire property.
Is there survivorship rights in a tenancy in common?
No. There is no survivorship rights with a tenancy in common, and upon death the tenant’s interest passes to their estate.
Joint tenancy: Formation
How do you Form a joint tenancy?
Feb 2009, Essay 4
A joint tenancy is a conveyance of real property to two or more persons. It’s formed when the four unities are present
What are the four unities of a joint tenancy?
- Unity of time
- Unity of title
- Unity of interest
- Unity of possession
TTIP
What is Unity of time?
Unity of time means all interests were acquired at the same time.
What is Unity of title?
Unity of title means all interest were required by the same instrument.
What is Unity of interest?
Unity of interest means all ownership interests are equal.
What is Unity of possession?
Unity of possession means all interests have equal rights of possession.
What must be clear to create a joint tenancy?
There MUST be clear EXPRESS INTENT to create a joint tenancy, which may be satisfied by including such terms as “ joint tenants”, “ right of survivorship”, “ joint tenants with right of survivorship”, or even “jointly” (if intent is proven).
What does right of survivorship means?
A right of survivorship means that when one joint tenant dies his interest in the land is automatically transferred to the other joint tenant (s).
Joint tenancy: Severance
How do you severe a joint tenancy?
Feb 2020, Essay 2
Feb 2009, Essay 4
- You can severe by transferring ownership interest.
- Convey interest to a third-party.
- Takes out a mortgage on her interest
- One joint tenant leases the property
What happens when one joint tenant transfers ownership interest?
Generally, when one joint tenant unilaterally transfers his ownership interest in the real property, the joint tenancy is severed and the tenants will then hold the property as tenants in common.
What happens when one joint tenant conveys interest to a third-party?
When a joint tenant conveys his interest in a joint tenancy to a third-party, that party takes the property as tenants in common.
What happens if there’s only two joint tenants?
If there are only two joint tenants, the joint tenancy is severed.
What if there are more than two joint tenants?
If there are more than two joint tenants, the joint tenancy remains, but only among the other joint tenants.