Tenancy Flashcards
A type of tenancy where an individual can lease a property for a certain amount of time and has an agreement in writing
EXAMPLE
Some apartment dwellers have gotten into a periodic estate on accident because they didn’t carefully read their lease agreement or because they forgot the procedure for terminating the lease.
How might this happen? Perhaps the tenant went to the office to give 30 days’ notice that they wanted to vacate the premises. The apartment manager then informed the tenant that they were supposed to notify the office 60 days in advance, leaving the tenant to pay for an extra month’s rent at the month-to-month (periodic) rate.
P_________ E________
or
P_________ T________
Periodic Tenancy
involves a written lease and has a specific begin and end date
estate for years
nothing is in writing and the tenant can vacate the property whenever he wants
EXAMPLE
A broker allowed their son to live in one of their rental units. As long as the son paid the rent and the broker/parent accepted it, there was tenancy at will. There was no written document between them. At one point, the broker/parent wanted to sell the property, so they notified the son that it was time to move somewhere else.
E_______ at W____
estate at will
a type of tenancy that occurs when a tenant has a lease and fails to move out when the lease expires
E______ at S_________
or
T________ at S_________
estate at sufferance
Refers to when two or more people collectively own real estate, and each party has equal rights to the property… the right of ownership transfers to the other owners what is known as “right of survivorship”…financial responsibility is shared equally
JOINT TENANCY
-5 types of tenancy are: tenancy in common, tenants by entirety, sole ownership, and community property
a type of ownership where two or more people own the property, but their share of ownership is not equal…for example, one person might own 50% while the other two own 25%…this division of ownership does not refer to the use or enjoyment of the property…all owners have equal access and use…only the financial ownership is divided
TENANCY IN COMMON
-5 types of tenancy are: joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property
a type of ownership that is reserved only for legally married couples…this type of tenancy considers the owners to be single entity for legal purposes. If one person dies, the title is transferred to the remaining spouse. The advantage to this type of ownership is that no legal action is necessary upon the death of on spouse. Transfer of title is automatic. the property cannot be sold or transferred w/out the consent of both spouses
TENANCY BY ENTIRETY (not used in Texas)
-5 types of tenancy are: joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property
when the owner of a property is a single person or business that can legally hold the title alone…these type of owners can finance or encumber the property as they see fit and can also dispose of the property at will
SOLE OWNERSHIP
- 5 types of tenancy are: joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property
a type of ownership between married spouses where each person owns an equal share of the property…this differs from tenancy by entirety in that the spouses are not considered a single legal entity
COMMUNITY PROPERTY
-5 types of tenancy are: joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property
