Co-ownership Flashcards
(4 cards)
1
Q
Forms of Co-ownership
A
Joint Tenancy
Tenancy in common
2
Q
Characteristics of JT
A
Right of survivorship
Joint entitlement to property
4 unities present (possession, title, interest and time)
3
Q
Charcteristics of TIC
A
No right of survivorship
Undivided shares and can be unequal in size
Only unit of possession required
4
Q
Methods of serverance (of JT)
A
Written notice
Alienation (joint tenant disposes off their equitable interest by sale. gift, lease or mortgage
Bankruptcy
Homicide (Joint tenant killing another joint tenant)
