Property Ownership Flashcards
The Two Basic forms of ownership are called sole ownership and
Concurrent Ownership
In concurrent ownership, the co-owners hold title to :
an Undivided interest in the property
Unity of Possession
The “unity” which requires that concurrent tenants must hold an undivided interest in the property owned.
Unity of Time
The Unity which requires that concurrent tenants acquire their interest at the same time.
Unity of Interest
All owners must have equal degrees of ownership.
The only unity required by Tenancy in Common is unity of
Possession
An arrangement where 2 or more people share ownership rights in property. When a tenant in common dies, the property passes to that tenants estate. Each independent owner may control an equal or different percentage of the total property. Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate.
Tenancy in Common
In Tenancy in common, the tenants’ shares of ownership can be
equal or unequal
In which form of concurrent ownership do the tenants hold SEPARATE Title to an undivided interest?
Tenancy in Common IN
In which form of concurrent ownership do the tenants hold the SAME title to an undivided interest
Joint Tenancy
In which form of Concurrent ownership are interests inheritable?
Tenancy in Common
The forms of concurrent ownership that allows any co owner to sell his share with out the consent of the other co owners is
Tenancy in Common AND Joint Tenancy
If a specific form of concurrent ownership is not specified, it is presumed to be a
tenancy in common
The form of concurrent ownership limited to spouses is
Tenancy by entirety
Tenancy by entirety, those who may hold property together are
Husband and wife only
Tenancy by the entirety requires all the four unities of joint tenancy plus
Unity of Person
Partitioning of Ownership
The interest can be separated by PARTITION
Partition is
The dividing of common interests into separate interests owned in severalty.
Which tenancy can be partionede
Joint Tenancy and Tenancy in common
Which Tenancy can not be partitiond?
Tenancy by the Entirety
Partition in Kind
The property itself can be subdivided and split among the owners.
Partition at Law:
The property can be sold and th4e proceeds divided among the owners.
Concurrent ownership can be separated be separated out by the process known as
Partition
Partition in Kind refers to separating the concurrent ownership by
subdividing the property
Partition of concurrent ownership can occur by
Mutual agreement OR court order
Two types of concurrent ownership which can be separated by partition include joint tenancy and
Tenancy in Common
Corporations may hold title to property
In severalty or as tenants in common
Corporations may hold concurrent title to property only as
tenants in common
a Corporation may own property alone
in severalty only
Corporations may own property TOGETHER AS
as tenants in common only. They own property ALONE in severalty.
In Concurrent ownership, the co owners hold title to
an undivided interest in the property
The unity of interest means that all owners must have equal
degrees of ownership
The “Unity” of which requires that concurrent tenants acquire their interest at the same time is called
Unity of Time.
In a tenancy in common, the tenants share of ownership can be
equal or unequel
In which form of concurrent ownership do the tenants hold SEPARATE title to an undivided interest
Tenancy in Common
In which form of concurrent ownership do the tenants hold the SAME title to an undivided interest?
Joint tenancy
Which form of concurrent ownership are interests inheritable
tenancy in common
If a specific form of concurrent ownership is not specified, it is presumed to be a
tenancy in common
The form of concurrent ownership limited to spouses is
Tenancy by the entirety
Concurrent ownership can be separated by the process known as
Partition
“Partition in Kind” refers to separating concurrent ownership by
subdividing the property
when partition in Kind is not possible, concurrently held property may be partitioned by
Selling the property
Partition of concurrent ownership can occur by
mutual agreement or court order
A corporation may own property alone
IN SEVERALTY ONLY
IN WHICH FORM OF CONCURRENT OWNERSHIP DO THE TENANTS HOLD SEPARATE TITLE TO AN UNDIVIDED INTEREST?
TENANCY IN COMMON
Tenancy in common
What Is Tenancy in Common – TIC?
Tenancy in common is an arrangement where two or more people share ownership rights in a property or parcel of land. The property may be commercial or residential. When a tenant in common dies, the property passes to that tenant’s estate. Each independent owner may control an equal or different percentage of the total property. Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate. Contract terms for tenants in common are detailed in the deed, title, or other legally binding property ownership documents.
