Unit 8 - Forms of Real Estate Ownership Flashcards
A fee simple estate may be held in?
Severalty
Co-ownership
Trust
Define Ownership In Severalty
The owner has rights to sell, will, lease or transfer the property
Define Co-Ownership
Real estate held by 2 or more individuals
Define Tenancy in Common
Each tenant holds an interest called undivided fractional interest & the co-owners have unity of possession
A co-owner in a tenancy in common may…?
Sell, convey, mortgage or transfer their individual interests without consent
Define Joint Tenancy
Property owned by two or more people where if the owner dies the interest transfers to the surviving owner
How is a Joint Tenancy created?
Must be created by conveying a deed or by giving the property by will
What are the Four Unities of a Joint Tenancy?
Possession
Interest
Time
Title
How is a joint tenancy terminated?
By violating any of the four unities, mutual agreement, conveyance to third parties or partition suit
Define a Tenancy by the Entirety
Special form of ownership between husband and wife, each spouse has undivided interest
How is a tenancy by the entirety terminated?
Judgement Sale
Death
Agreement
Divorce
Define Marital property
Property acquired after the date of marriage
Define Non-Marital Property
Property acquired before the marriage
Define a Trust
A trust is where a person transfers ownership of property to someone else
Define a Living Trust
A trust created by agreement while the trustor is alive
