Real Property Flashcards
joint tenancy
two or more tenants with the right of survivorship
MUST have the four unities: TTIP
Time - must have been formed at the same time
Title - by the same title/document
Identical - interests must be equal and identical
Possess - must have rights to possess the whole
“right of survivorship” must be CLEAR and expressly invoked
tenancy by the entirety.
can only be created between spouses - has the right of survivorship
tenancy in common
two or more tenants without the right of survivorship
how do you sever a joint tenancy?
SAP - Sale And Partition
Severance and sale
Severance and partition
what are the types of severance and partition?
- by voluntary agreement)
- by judicial partition (partition in kind)
- by judicial action (forced sale)
what is the lien theory?
in most states, a mortgage is a lien and does not sever a joint tenancy
what is the title theory?
the executor of a mortgage with the lien will sever joint tenancy
how to sever a tenancy by the entirety?
execution by a JOINT creditor of BOTH spouses, mutual agreement, divorce, death
rents and profits from co-tenants and third parties?
from co-tenants: where a co-tenant is in exclusive possession, they don’t need to share profits with other co-tenants unless there is an ouster
from 3rd parties: must account to their co-tenants, providing them with their fair share of rental income
what is voluntary waste?
willful destruction
permissive waste
neglect
ameliorative watse
unilateral change that increases the value of the property
any restraint on a parties’ right to partition must be …
reasonable in kind and duration
tenancy for years
tenancy for a fixed, determined period of time. as long as you know the END DATE. no notice needed to terminate
periodic tenancy
a lease that continues for successive intervals (month to month, etc.), can be implied based on previous payments, notice is usually 1 month for termination