Who will hold the interest

Question 1

joint tenants

Answer 1

2+ co-tenants with rights of suvivorship (the dead co-tenant’s sharepasses to remaining)

created expressly and severed by tenants sale or suit for partition

righ tof survivorship - automatically goes to surviving tenant

alienable during lifetime

NOT DEVISEABLE OR DESCENDIBLE BECAUSE OF RIGHT TO SURVIVOR SHIP

Question 2

how to create joint tenancy

Answer 2

1. same time
2. same title (same deed or legal doc)
3. identical interest
4. righ tto possess the whole
5. clear intent in the grant to transfer with right of survivorship

Question 3

how to sever JT

Answer 3

sell or transfer (even secretly)

if there are 3 people and 1 transfers, you have 2 joint tenants and one concurrent tenant

Question 4

partition of JT

Answer 4

voluntarily agree

partition in kind - court action to divide (think farm)

forced sale - sale proceeds divided proportionately

Question 5

tenants by the entirety

Answer 5

2 spouses with right of survivorship

1. created expressly or presumed in some stated by grant to spouses
2. severed by divorced
3. ahppens unless clearly stated otherwise
4. one spouse acitng alone cannot defeat this by trying to unilaterally transfer
5. if you try to unitlerally transfer nothing happens and they take nothing

Question 6

tenants in common

Answer 6

2 or more co-tenants with no right of survivorship

created by severance of one of above tenancies

each invidiaul owns part adn the righ tto possess the whole

each interest is devisable, descendible and alienable

no right of survivorship

eahc pays a fair share of costs and shares in rents

repairs - can get contribution if you tave notice of reasonable repairs

improvements - not during life of co-tenancy

waste - can bring action for waste (voluntary (destruction), permissive (neglect) and ameloriative (unilateral change)

actions for partition

1. voluntary agreement
2. partition in kind
3. forced sale