Real Property - Concurrent Ownership Flashcards
Concurrent Ownership
The joint ownership of property by two or more people
Conveyance
The giving of property from one person to another
Tenancy
The possession or occupancy of land by right of title or right of possession
Tenancy-in-Common
A tenancy held by two or more people. in equal or unequal shares, each person having an equal right of possession over the enitre property, but no right of survivorship
Right of Survivorship
A tenant’s right to succeed an estate upon the death of another tenant.
Joint Tenancy
A type of co-tenancy in which each of the co-tenants has a right of survivorship in the shares of the other co-tenants.
The Four Unities
Four conditions that are required in order for there to be a formation of a joint tenancy. The four unities are: time, title, interest and possession.
Tenancy by the Entirety
An interest in property that can be held only between a husband and wife in which each party has a right of survivorship over the property and which neither party can terminate without the consent of the other.
Community Property Rule
The rule, applicable in nine states, that dictates that property earned by either spouse during a marriage automatically belongs to both parties equally.
Possession
The holding of property within one’s dominion and control
Partition
The act of dividing
Partition in kind
The act of dividing a parcel of property by physical division so that each party obtains physical control, possession and ownership of a portion of the property that he or she formerly owned as a member in a co-tenancy.
Partition by sale
The act of dividing a parcel of property by selling the parcel and splitting the proceeds among the erstwhile co-tenants.
