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
Cotenants and contributions
Can a CT paying mortgage or taxers seek contribution?
MEDIUM
May seek contribution from other, but if in sole possession, will only receive amount to extent it exceeds market value of property
