Concurrent Estates Flashcards
A presumption exists in favor of tenants in common, unless there is a clear intention to create a joint tenancy with the right of survivorship.
The rule in In re Estate of Michael
The difference between common law and US courts’ presumptions for concurrent estates?
(Common law)– joint tenancies are favored, and the doctrine of survivorship was a recognized incident to a joint estate.
(United States)– presume all tenants hold jointly as tenants in common, unless there is a clear showing of an intention to the contrary.
Definition of “joint tenancy with right of survivorship”
Individuals comprising a single legal entity which owns the property and upon the death of a joint tenant, the surviving joint tenants own the property.
Definition of “tenants by the entirety”
Concurrent ownership available only to a married couple; it is similar to joint tenancy except that a tenant by the entirety is not permitted to terminate the other spouse’s right of survivorship by conveyance or transfer to another.
Definition of “tenants in common”
Individuals each owning fractional undivided interests—equal or unequal.
Where three or more joint tenants exist, the conveyance by one joint tenant to another joint tenant does not sever the entire joint tenancy; the grantee remains a joint tenant as to his original interest but becomes a tenant in common as to the interest conveyed by the grantor joint tenant.
The rule in Jackson v. O’Connell
Definition of a “quitclaim deed”
A deed that conveys real property but without warranty of title and without covenants.
Definition of “severance of joint tenancy”
Conduct by a joint tenant that destroys the joint tenancy and converts it into a tenancy in common without right of survivorship.
Definition of “unity of interest”
One of the four “unities” of a joint tenancy, where each tenant has equal undivided interest in the property.
Definition of “unity of possession”
One of the four “unities” of a joint tenancy, where each tenant is seised of the whole estate, not just an undivided interest therein.
Definition of “unity of title”
One of the four “unities” of a joint tenancy, where each tenant has derived their interest in the property through the same event, such as a single will or conveyance.
Definition of “unity of time”
One of the four “unities” of a joint tenancy, where the interests vest at the same time (but note that a limitation to a class will create a joint tenancy even if the members of the class come into being at different times.)
The “four unities” of joint tenancy
- Title
- Time
- Interest
- Possession
(T-TIP)
Explanation of the Doctrine of equitable conversion
Where equity acts to make that which ought to be done; for example, real property will be treated as personal property in order to acknowledge transfer of real property based upon written agreement to sell, but where party dies before title is transferred.
Definition of a “habendum clause”
Also called a “to have and to hold clause,” and referring to that portion of a deed that describes the interest granted and any conditions relating thereto.
