types of concurrent interest Flashcards
each tenant owns a separate, undivided share of the property
tenancy in common
what is no right of survivorship
when a tenant dies, their share passes to their heirs or as directed by their will
has no right of survivorship
tenancy in common
shares can be unequal
tenancy in common
interests are divisible alienable and decendable
tenancy in common
time title interest possession
same time, same title, equal interests, have the right to possess the whole property
does joint tenants have right of survivorship
yes
requirements for tenancy by the entirety
time, title, interest, possession
and also married
how to terminate a tenancy by the entirety
- divorce, would then create a tenancy in common
- both must agree
surviorship for a tenancy by the entirity?
yes
how to severe a joint tenancy
destroy one of the 4 requirements
(a mortgage does not count)
(cannot be transferred by will)
default rule favors
tenancy in common
the most alienable and transferrable by grant or will
lifetime grant or by will
needs very specific language to be found
tenancy by the entirity
joint tenants
partition
when land is divided at one parties request, in kind or by sale
partition in kind is when
owners split up the land, simply half and half
partition by sale is when
owners sells the land and split the profits
the court usually favors partition..
in kinds
does an occupying co tenant have to by rent to an unoccupying co tenant?
no unless there is an agreement or there is an ouster
do co tenenants have to share profits of business made on the property? exceptionn
no, unless they are renting out the land
a grant of real priperty to a husband and wife automatically creates…unless…
tenancy by the entirity unless expressly declared to be a joint tenancy or tenancy in common
A grant to a husband and wife as well as a third party creates
tenancy in entirity and then tenants in common unless explicitly stated
when would a court favor partition by sale
if there’s a good reason for it. Not a very demanding reasoning (if there is a house that would be difficult to split up or when there are many people within the party, it may be difficult to split up between a lot of people.)
