Flashcards in Co-Ownership Deck (15):
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.
Right of survivorship
when one joint tenant dies his share goes to the surviving joint tenant
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
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
**can convey to 3rd party to make tenant in common**
JT interests are not descendilbe
Voluntary Agreement Partition
All parties must agree to end relationship
Court action for physical division of Blackacre if in the best interests for all. Usually best for agricultural or rural lots
Partition by Sale
Court ordered forced sale of land with a division of profits. Only used if land cannot be physically divided
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
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
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)
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
a person who briefly takes legal title for the sole purpose of reconveying the property back to his grantor
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
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