Real Property Barbri Flashcards
(129 cards)
What is a concurrent estate?
An estate in land can be held concurrently by several persons. All have the right to enjoyment and possession of the land.
Three forms of concurrent ownership?
- joint tenancy
- tenancy by the entirety
- tenancy in common
What is a joint tenancy?
When two or more own with the right of survivorship
A joint tenant’s interest is…?
- Alienable inter vivos (can transfer interest during one’s lifetime)
- Neither devisable nor descendible (b/c of survivorship)
Can a joint tenant attempt to dipose of the property via will?
No, this would be void because of the survivorship characteristic.
How to create a joint tenancy:
The common law requires 4 unities (T-TIP)
* T-at the same time
* T-by the same title (same deed, will, or other document of title)
* I-with identicial,** equal **interests
* P-with rights to possess the wholl
The grantor must clearly express the right of survivorship. If not, a conveyance to two or more people is presumed to be a tenancy in common.
How is a tenancy in common divided?
Equal shares are presumed but not required (compare this to a joint tenancy where equal shares are required).
How is a joint tenancy severed?
Sale and Partition
* A joint tenant may sell or transfer her interest during her lifetime.
* A volunary conveyance by a joint tenant of their interest destroys the joint tenancy. The transferee takes as a tenant in common.
May a joint tenant transfer his interest secretly?
Yes, even without the other’s knowledge or consent.
One joint tenant’s sale severs the joint tenancy as to the seller’s interest. Why?
Because it disrupts the four unities.
If we start with more than two joint tenants in the first place, and one tranfers, what happens?
The joint tenancy remains intact as between the other, non-transferring joint tenants.
What are the three types of partition?
- voluntary agreement
- judicial action - partition in kind
- judicial action - forced sale
What is a voluntary agreement?
A type of partition - an allowable and peaceful way to end the relationship
What is a partition in kind?
a judicial action - an action for a physical division of the property, if in the best interest of all parties
What is a forced sale partition?
a judicial action - an action when, in the best interests of all parties, the land is sold and the sale proceeds are divided up proportionately
What transactions will not result in severance of a joint tenancy?
- mortgages
* in most states: a mortgage is a lien on title and does not sever a joint tenancy- severance occurs only if the mortgage is foreclosed and the property is sold
* in title theory states: the execution of a mortgage does sever a joint tenancy
- severance occurs only if the mortgage is foreclosed and the property is sold
- one joint tenant murdering another lol
* UPC and modern statutes: when a beneficiary unlawfully and intentionally kills a joint tenant, any joint property becomes a tenancy in common
What effect does a testmentary disposition have in a joint tenancy?
A will cannot work a severance because the testator’s interest vanishes at death
What is a tenancy by the entirety?
- A tenancy by the entirety is a marital estate akin to a joint tenancy.
- It can be created only between married partners who take as “one person” with a right of survivorship
How is a tenancy by the entirety created?
- If a state recongizes it, it arises presumptively, in any conveyance to married partners unless the language of the grant clearly indicates otherwise.
- VERY protected form of co-ownership! Can’t touch this!
Rule with creditors for tenancy by the entirety
Creditors of only one spouse cannot touch this tenancy for satisfaction of the debt
Rule for unilateral conveyance on tenancy by the entirety
One spouse, acting alone, cannot defeat the right of survivorship by unilaterally conveying to a 3P
Rule for encumbrance on tenancy by the entirety
- An individual spouse cannot encumber tenancy by the entirety property
- A deed or mortgage executed by only one spouse is ineffective
Severance of tenancy by the entirety
- Only death, divorce, mutual agreement, or execution by a joint creditor of BOTH the spouses can sever a tenancy by the entirety
- On divorce, the tenancy by the entirety becomes a tenancy in common
What is a tenancy in common?
- a tenancy in common is a concurrent estate with no right of survivorship
- multiple grantees are presumed to take as tenants in common, not as joint tenants