Tenancies

Question 1

Ownership or real property is evidenced by which conveyance documents?

Answer 1

A deed

An assignment of lease

Question 2

Conveyance document states the grantees tenancy.

Tenancy in the form of ownership can be categorized as

Answer 2

1) tenancy in Severalty. 1 owner

2) tenancy. In Common each co-owner has a distinct proportionate share.
The ONLY element (unity) required of each owner is possession to be tenancy in common.

It can be This is the only tenancy that can have unequal interests.
If no tenancy stated in a conveyed document. It is assumed to be tenancy in common.

3). Joint tenancy.  Consists of 2 or more persons having a right to survivorship.cannot transfer property on death.  Most common use are family members or unmarried couples.
Must state property is to be held in joint tenancy.
Must have (4) elements:  possession, interest, time and title. PITT

4). Tenancy in Entirety -married couples conveyance document must identify the parties as being tenants in entirety are are required to have
PITT and marriage

Question 3

Reciprocal Beneficiaries can be tenants by entireties.

As a long as they meet what requirements

Answer 3

1) . 2 individuals
2) . Legally prohibited from marrying (related individuals)
3) . 18 years or older
4) urn married
5) . Registered with Dept of Health as reciprocal beneficiaries