Tenancies Flashcards
JT
Joint Tenancy
MEDIUM
JT is created when 4 unities are present. Must have express intent to create a joint tenancy with a right of survivorship.
JT
What are the four unities required to create a Joint Tenancy?
MEDIUM
unity of
1) time
2) title (same instrument)
3) interest and
4) possession
JT
Language to create a JT
MEDIUM
The deed states “as joint tenants” or “right of survivorship”
T in C
Tenancy in Common
MEDIUM
default estate created when land is conveyed to two or more people
(unless a JT or T by E)
Each owner has an undivided interest in the property and has teh right t
T in C
How does interest in a T in C pass?
MEDIUM
by intestacy or bequest
JT
Severance of JT
HIGH
when 1 JT unil;aterally transfers his interest, JT is severed
JT
What happened to JT when it is severed?
HIGH
JT becomes a T in C when it is severed, but if there is more than one tenant, the JT remains among other tenants.
JT
What happens when a JT takes out a mortgage on her interest?
HIGH
Lien theory Jx: does not sever
Title Theory Jx: severs JT
JT
What happens when a JT leases the property?
HIGH
Severs JT in most states
TbyE
Tenancy by the Entirety
LOW
JT between married people
-right of survivorship
-one spouse needs consent to convey interest
-divorce- severance
JT
What happens if a cotenant has a debt and dies?
HIGH
Debt does not effect the other JT (unless jointly mortgaged)
CoTenants and Rent
Rent from Co-Tenant?
MEDIUM
An out of possession cotenant DOES NOT have the right to recieve rent from in possession JT unless:
1) wrongfully ousted or
2) otherwise agreed
CoTenants and Rent
Rent from a third party?
MEDIUM
Co-tenant is entitled to a fair share of rent received from 3rd party
Cotenants and reimbursements
Reimbursement for Repairs?
MEDIUM
Co-Tenant is entitled to reimbuirsement for the costs of necessary repairs paid for (unless there was a wrongful ouster)
-generally cannot seek contribution unless necessary, you asked for contribution and CT refused
Cotenants and Reimbursements
Reimbursement for Improvements?
MEDIUM
Co-tenant is NOT entitled to reimbursements for improvements to the property (unless otherwise agreed)
-but the improving tenant is entitled to the downside risk or the upside gain when the property is sold
CT cannot seek contirbution unless improvemnts raise rents or profits
