Property Ownership 4 Flashcards
Title= Ownership
How can a title be held?
Severalty or Concurrent Estate
Severalty (Sole)
Sole or independent ownership. One Name on deed
Concurrent
Ownership can be held by multiple people:
- Joint Tenancy
- Tenancy in Common
- Community Property
- Tenancy by the entirety
Tenancy in Common ( Most common)
Unity of possession, separate titles.
One dies, title passes to other tenants heirs
Joint Tenancy
Tenants own property equally
One dies, the other joint tenant inherits entire property (survivorship)
Right of Survivorship
Cannot take a joint tenant in with corp
Cannot be created by law
Not inheritable b/c of survivorship
To Create Joint Tenancy you need:
Possession Interest Time Title Survivorship
(PITTS)
Terminated if one of these is destoryed. Would turn into tenancy in common
Community Property
Spouses have equal interest for any property that is acquired during the marriage
Georgia does not recognize community property
Unity of Possession (Joint Tenancy)
Undivided interested in whole property
Unity of Interest
Equals degrees (shares) of interest
Unity of Time
Must acquire interest at the same time
Unity of Title
Tenants must acquire one single title to whole property
The form of concurrent ownership which requires the four unities of possession, interest, time and title is ________
Joint tenancy
Partition
Dividing of common interest into seperate interests owned in severalty
Applies to Joint tenancy and tenancy in common
Partition in Kind
Property itself can be subdivided and split
Partition in Law
Property can be sold and proceeds will be split
