Co-Ownership Flashcards Preview

Property > Co-Ownership > Flashcards

Flashcards in Co-Ownership Deck (15):
1

Joint Tenancy

Two or more own with the right of survivorship.

Alienable so you can sell it during your lifetime.

Not divisible or descendible.

Cannot leave to strangers in a will.

2

Right of survivorship

when one joint tenant dies his share goes to the surviving joint tenant

3

Four Unities to have a Joint Tenancy

1. Time - interests vest at the same time
2. Title - by the same instrument
3. Interests - same interests
4. Possession - right to possession of the whole

4

How to sever a joint tenancy?

1. Sale a joint tenant's sale servers the joint tenancy to the seller's interests. Buyer is a tenant in common
2. Partition

**can convey to 3rd party to make tenant in common**

JT interests are not descendilbe

5

Voluntary Agreement Partition

All parties must agree to end relationship

6

Judicial Partition

Court action for physical division of Blackacre if in the best interests for all. Usually best for agricultural or rural lots

7

Partition by Sale

Court ordered forced sale of land with a division of profits. Only used if land cannot be physically divided

8

Tenancy by the Entirety

Marital interest between married partners with the right of survivorship. Fiercely protected.

*Creditors of only one spouse cannot breach this tenancy
*Neither tenant acting alone can defeat the right of survivorship by trying to sell to another

9

Tenancy in Common

Two or more owned with no right of survivorship

1. Owns the individual part and has the right to possess the whole
2. No survivorship rights
3. Presumption always favors tenancy in common

10

Rights and Duties of Co-Owners

1. Possession - entitled to whole
2. Rental income from 3rd party
3. Right to contribution during the life of co-tenancy for any reasonable repairs
4. No affirmative right to contribute for improvements
5. At partition, improver gets credit equal to increase and suffers debit equal to decrease in value
6. Must not commit waste (voluntary, permissive or ameliorative waste)

11

Creditors

without recourse after JT's death. Prior to death can disappear and tenancy in common is created. by collecting against one JT bank can destroy JT

12

Straw

a person who briefly takes legal title for the sole purpose of reconveying the property back to his grantor

13

Severance

turns a joint tenancy into a tenancy in common between the severed interests and the remaining joint tenants.

** For a JT to sever and become Tenancy in common must use a straw

14

Ouster

when occupying tenant does stuff to kick other tenant out

1. denial of entry --> changing locks
2. combined with acts inconsistent with co-ownership, may result in AP by co-tenant

15

Partition in Kind

physical partition by court