Flashcards in Forms of Real Estate Ownership Deck (9)
title is held by one individual
title ownership held by two or more individuals
where a third individual hold title for the benefit of another
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent's interest passes to the surviving joint tenant or tenants by the right of survivorship.
tenancy by the entirety
The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse the survivor becomes the owner of the property.
Any property acquired during a marriage is considered to be obtained by mutual effort. Separate property is real or personal property that was owned solely by either spouse before the marriage. It also includes property acquired by gift or inheritance during the marriage, as well as any property purchased with separate funds during the marriage
created by agreement during the property owner's lifetime
established by will after the owner's death