Property & Estates Flashcards
(120 cards)
Joint Tenancy
Two individuals own equal shares
Right of survivorship
Joint Tenancy - Creation
TTIP
T – at the same time
T – by the same title (doc)
I – with identical, equal interests
P – with rights to possess the whole
Modern law also requires that the grantor clearly express the right of survivorship
Joint Tenancy - Severance - Sale
Sale - Transferee takes as tenant in common, JT intact between non-transferring JTs
Joint Tenancy - Severance - Partition
Voluntary agreement to end
Physical division or forced sale
Joint Tenancy - Severance - Mortgage
Lien Theory - Most states, mortgage doesn’t pass to other JT
Title Theory - Title is in the mortgage, passes to other JT
Tenancy by the Entirety
Marital estate, right of survivorship
Created presumptively in conveyance to married partners
Tenancy by the Entirety - Creditor Protection
Creditors of only one spouse cannot touch
Tenancy by the Entirety - Severance
Effective via death, divorce, mutual agreement, or execution by joint creditor
Tenancy in Common
Co-tenants with individual parts and right to possess whole, no right of survivorship, doesn’t have to be equal shares
Co-Tenant Rights and Duties - Possession
Right to possess all, no exclusive possession. Cannot rely on adverse possession.
Co-Tenant Rights and Duties - Ouster
When co-tenant wrongfully excludes another from possession of whole or any part; actionable wrong
Co-Tenant Rights and Duties - Rents/Profits
Co-tenant in exclusive possession is not liable to others for rent, but must share net profits gained from exploitation of land (mining)
Co-tenant who leases part must provide co-tenants with their fair share of rental income
Co-Tenant Rights and Duties - Costs
Each pays fair share of tax, mortgage, and interest costs
Can seek contributions for reasonable, necessary repairs with notice, based on fair share
Co-Tenant Rights and Duties - Unilateral Improvements
No contribution required
At partition, improver gets credit equal to value they caused or debt equal to decrease in value they caused
Co-Tenant Rights and Duties - Waste
Voluntary – willful destruction
Permissive – neglect
Ameliorative – unilateral change that increases value
Co-Tenant Rights and Duties - Partition
Each has right to bring action to dissolve agreement
Partition in kind (division) or forced sale
Co-Tenant Rights and Duties - Encumbering
May encumber own interests, but not co-tenants
Landlord-Tenant - Tenancy for Years
Known, fixed period of time that terminates on a known date
Must be in writing if 1 year+
Can be terminated on breach
Landlord-Tenant - Periodic Tenancy
Continues for intervals until party gives notice of termination (written notice in time intervals)
Express creation: “L to T from month to month”
Landlord-Tenant - Periodic Tenancy - Implied Creation
Implied creation: Land lease with no duration but with rent at set intervals, oral term of years in violation of SoF, hold over of tenant who stayed
Landlord-Tenant - Tenancy at Will
No fixed period, terminable by either party
Created by express agreement lease can terminate at any time
If “at will” right only given to landlord, one is implied for tenant
Terminated at will, most states require notice + time to vacate
Landlord-Tenant - Tenancy at Sufferance
When tenant wrongfully holds over
This allows landlord to recover rent, only until landlord evicts or new lease
Landlord-Tenant - Hold Over Doctrine
If tenant continues to possess after right ended, landlord can evict or bind tenant to new periodic tenancy (based on rent payment times)
Tenant, by holding over, acquiesces to any new terms w/ notice
Landlord-Tenant - Tenant Duties
Repair (maintain, routine)
Waste (voluntary, permissive, ameliorative)
Pay rent (possession: evict or sue, no self help; no possession: surrender, hold responsible, or relet)
Leasehold condemnation (tenant liability extinguished and leasee gets compensation)