Types Of Co-Ownership Flashcards Preview

NY Real Estate > Types Of Co-Ownership > Flashcards

Flashcards in Types Of Co-Ownership Deck (6):
0

is the simplest form of ownership.
is also known as tenancy in severalty.
is a sole form of ownership, meaning that only one person holds the title to that property.
could also involve a single "real "person, or a single legal "nonliving "entity, such as a corporation.
can be conveyed through both deed or devise.
may be referred to as the "tenancy in severalty separate property" when it involves property that is owned solely and independently of the owner's spouse.

Ownership in severalty

1

Available only to husband-and-wife owners
•spouses are considered a single, legal entity, therefore, unity of person
•also requires unities of possession, interest, time, and title
•assumed for a husband and wife unless otherwise stated in the deed
•can be created both through deed or devise
•can be conveyed only through deed
•no right of disposal, since each spouse owns 100%
•always includes the right of survivorship
•when a spouse dies, the property is owned and severalty by the surviving spouse
•automatically terminated upon divorce or annulment (creating a tenancy in common)

Tenancy in entirety

2

Occurs when a property is owned by more than one person.
•is sometimes referred to as concurrent ownership or concurrent estate.
•is generally defined in the deed, which is evidence to their right to title to the land.
The presence of several conditions, known as unities, defines the form of coownership:
•Unity of possession-all co-owners on the same undivided right. To possess the whole property (as opposed to designated a portion of that property)
•Unity of interest-all corners hold equal ownership interest.
•Unity of time-all co-owners acquired their interest at the same time.
•Unity of title-all co-owners acquired their interest by the same deed or will.
•Unity of person-all corners are single, indivisible unit, i.e., a married couple

Co-Ownership

3

Five Unities

Possession Interest Time Title and Person.

(PiTTsburgh, Pa) acronym

4

two or more persons have an undivided right to possess the entire property
•requires only unity of possession
•no right of survivorship
•each owner has the right of disposal
•The only coownership that can be owned an unequal portions
•can be created and conveyed both deed or devise
•could be created through an operation of law, e.g., when a married couple divorce

Assumptions:
•if the co-owners are not married to each other, this is the form of coownership that is generally assumed unless otherwise specified in the deed.
•unless specifically stated in the deed, the interest are assumed to be divided equally among all co-owners.







Tenancy in common

5

two or more persons have an undivided right to possess the entire property.
•each homeowner has equal interest in the property.
•requires unities of possession, interest, time, and title
•can be created both through deed or devise
•each owner has the right of disposal
•can be conveyed only through deed
•always includes the right of survivorship
•when a -----tenant dies, that share of the property is split between the remaining co-owners

Joint tenancy