Unit 2: Property Ownership (Sole & Multiple) Flashcards
What are the 3 types of estates in Minnesota?
1) Severalty
2) Tenancy in Common
3) Joint Tenancy
If married, how can an estate in severalty be sold?
With the signature of the spouse.
“One to buy. Two to sell.”
T/F If the owner of an estate in severalty is married, no conveyance of the homestead is valid without the signature of both spouses.
True
What are the 2 kinds of multiple ownership in Minnesota?
1) Tenants in Common
2) Joint Tenancy
What is the biggest difference between tenants in common and joint tenancy?
Survivorship. In tenants in common, the deceased party’s share goes to their heirs. In joint tenancy, the deceased party’s share goes to the other party on the deed.
T/F Tenants in common have equal shares in the property.
False
What may a court issue in a divorce proceeding for a joint tenancy property?
A decree of disolution
What is a decree of dissolution?
It severs all joint tenancy interests in real estate between the parties to the marriage unless otherwise specified.
Per the decree of dissolution, what else can be used to release the spousal interest in other properties?
Quit-claim deed