Concurrent Ownership

Question 1

2 types

Answer 1

(1) Tenancy in Common: *Presumed& unless states JT; do not need to have equal shares
(2) Joint Tenancy W/Right of Survivorship: @ death interest instantly goes to surviving jt tenants - equal shares

Question 2

Creating JTWROS

Answer 2

• 4 Unities “T-TIP”
  (1) Time - interests created at same time
  (2) Title - created in same instrument
  (3) Interest - every j/t has identical interests (equal shares)
  (4) Possession - absolute right of possession at all times

RIGHT OF SURVIVORSHIP must be expressly stated in grant

Question 3

Termination of JTWROS

Answer 3

(1) SEVERANCE/INTER VIVOS CONVEYANCE: 1 j/t gives away their interest - becomes TIC, do not need other j/t’s knowledge or consent to sever
(2) MORTGAGES: Title Theory - mortgage severs
(3) SUIT FOR PARTITION: ct splits up co-tenancy
(4) JUDGMENT LIENS: judgment lien does not sever, but foreclosure sale will - need sale

KS + 2

(5) SLAYER STATUTES: 1 j/t kills the other j/t
- creates TIC OR killer assumed to die 1st & gets nothing
(6) DIVORCE