Part Four: Ownership in Common Flashcards
What is concurrent ownership?
more than one person has the right to control the same thing at the same time.
What are the three common law concurrent tenancies?
tenancy in common
joint tenancy
tenancy by the entirety
How are tenancy in commons created?
explicitly by conveying property to more than one party, there is also a presumption that tenancies in comon are the default
What “unities” are tenancy in common required to have?
unity of possession: the right to possess the entire parcel no matter how small her fractional interest.
tenants may also file to terminate the co-tenancy and divide the property or its proceeds by bringing an action for partition.
How can you extinguish or pass a tenancy in common?
by deed, will or inheritance
What are the required “unitites” for joint tenants?
- Unity of Time: the interest of each tenant must be created at the same moment in time
- Unity of Title: all JT’s must acquire title by the same insturment or title
- Unity of Interest: all JT’s must possess equal fractional undivided interests in the property and their interest must last the same amount of time
- Unity of Possession: all Jt’s must have the right to possess the entire parcel
What is the main difference between joint tenancy and tenants in common?
Joint Tenancy has the right of survivorship: when a JT dies, her property interest is immediately transferred to the remaining joint tenants in equal shares
The right of ownership consolidates property among the parties, simplifying use and ownership
How is Joint Tenant severed?
it is severed by conveyance but not by will
some jurisdictions also recognize divorce as a severance
Why is the right of survivorship so important in property transfer?
Because a joint tenant who transfers her property interest can destroy the right of survivorship of her fellow owners with respect to her share.
If A + B + C = JT and then
A conveys her third to D, what are the relationships between B, C and D
A + B + C = JT
A conveys her third to D
D is tenants in common with B+C
B + C are still JT’s
that is because severance is only between the selling owner and the remaining owners; it does not change the relations of the remaining owners among themselves
Can JT’s encumber their interests during their lives?
Yes they can rent their land or pledge them as security for debt but these encumberance do not generally survive the deaht of the encumbering co-tenant
What type of tenancy do joint bank accounts tend to have?
Personal joint bank accounts are joint tenancies with rights of survivorship. Such a survivorship is provided by the bank’s signature form and may even be presumed absent contrary evidence. However it must be more than a “convenience account” to permit a child/helper to write checks on their behalf the tenant must also contribute.
Who may hold a Tenancy in Common (TiC)?
2 or more persons
Who may hold a Joint Tenancy (JT)?
2 or more persons
What interest does each tenant hold in a Tenancy in Common (TiC)?
Undivided fractional share (shares may be unequal)
What interest does each tenant hold in a Joint Tenancy (JT)?
Undivided equal share
What use rights do tenants have in a Tenancy in Common (TiC)?
Each may use the entire property, subject only to the use rights of other co-tenants to the same
What use rights do tenants have in a Joint Tenancy (JT)?
Each may use the entire property, subject only to the use rights of other co-tenants to the same
How is a Tenancy in Common (TiC) created?
Severance of a Joint Tenancy (JT); inter vivos conveyance; devise; intestate succession; divorce
How is a Joint Tenancy (JT) created?
Conveyance or devise ‘to A & B as joint tenants with the right of survivorship’ (or substantially similar language)
How is a Tenancy in Common (TiC) ended?
Partition
How is a Joint Tenancy (JT) ended?
Conveyance by a JT; partition; death of the second-to-last JT
Does Tenancy in Common (TiC) have the right of survivorship?
No
Does Joint Tenancy (JT) have the right of survivorship?
Yes