P Flashcards
(142 cards)
An estate in land can be held concurrently by several persons, all of
whom have the right to enjoyment and possession of the land.
There are three forms of concurrent ownership:
The Joint Tenancy
The Tenancy by the Entirety
The Tenancy in Common
The Joint Tenancy
Two or more own with the right of survivorship
The Tenancy by the Entirety
A protected marital interest between spouses with the right of survivorship
The Tenancy in Common
wo or more own without the right of survivorship
joint tenancy
right of survivorship- deceased JT’s share goes automatically to surviving JT
alienable intervivos? (transferrable) yes
devisable?(passed by will) no
descendible? (pass thru intestacy) no
How to Create a Joint Tenancy
T- at same time
T-by same title
I-identical equal interests
P_right to possess whole
In addition to the four unities, to create a joint tenancy the grantor
must ____the right of survivorship.
clearly express
severance of joint tenancy
sale: JT sells/transfers during lifetime
(even w/o others knowledge or consent)
partition
voluntary:amicable end
judicial: in kind (phy division);forced sale (division of proceeds)
mortgage
maj of states (lien theory) no severance
minority of states (title theory) no severance
A tenancy by the entirety is a ___estate akin to a joint tenancy. It
can be created only between married partners, who take as a fictitious “one person” with the right of survivorship.
marital
how to sever tenancy by entirety
divorce (becomes tenancy in common)
death
execution of lien (of both spouses)
tenancy in common
no right of survivorship
cotenant owns individual part +right to possess whole
devisable, descendible, alienable
rights and duties of cotenants -possession
no ouster (wrongful exclusion from part/whole)
rights and duties of cotenants -rents and profits
none from co-tenant in exclusive possession (unless ouster)
fair share if leased to third party
rights and duties of cotenants -adverse possession
not unless ouster
rights and duties of cotenants -carrying cost
each pays fair share
rights and duties of cotenants -repairs
contributions for reasonable necessary repairs with notice
rights and duties of cotenants -unilateral improvements
no contribution (credit at partition)
waste: voluntary
willful destruction
waste: permissive
neglect
waste: ameliorative
unilateral change increasing value
judicial partition
partition in kind preferred
forced sale allowed if fair/equitable phys division not possible
A leasehold is an estate in land, under which the tenant has a
present possessory interest in the leased premises and the landlord
has a future interest (reversion). There are four leasehold estates:
- The tenancy for years
- The periodic tenancy
- The tenancy at will
- The tenancy at sufferance
This lease, also known as the estate for years or term of years, is for ____ That period could be, for example,
as short as one week or as long as 50 years.
a
fixed, determined period of time.
tenancy for years
termination automatic (on end date)
no notice needed to terminate
writing typically needed if >1year