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Cards In This Set
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Right to or ownership of real property
owner's bundle of rights to real estate =ownership |
Title
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Owned by one party, that party is said to own the property in
one natural person or one recognized legal entity sole rights to ownership and sole discretion over its transfer |
Severalty
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Each tenant holds an undivided fractional interest in the property
if it is not specified to what degree of fractional interest it is assumed to be equal co-owners have unity of possession the property is not PHYSICALLY divided, but the interest in the title is |
Tenancy in common
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In tenancy in common, do you have the right to sell, convey, mortgage, or transfer his or her interest WITHOUT the consent of the other co-owners
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YES! but can't transfer the ownership of the ENTIRE property.
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In tenancy in common, what happens to a deceased owners fractional interest?
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It passes to the devisee (person named in a will) or to the tenant's heirs as defined by state law
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If the type of ownership is not specified when 2 or more people gain title to a new parcel, what type of ownership is it?
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Tenancy in common is the acquired title by the operation of law with the exception of a husband and wife then it is tenancy by entirety.
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What 4 characteristics make up a joint tenancy?
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1. unity if possession--all joint tenants hold an undivided right to possession
2. unity of interest---all joint tenants hold equal ownership interests 3. unity of time--all joint tenants acquire their interest at the same time 4. unity of title--all joint tenants acquire their interest by the same document |
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A joint tenant is free to convey his or her interest in the title of jointly held property, but doing so destroys the original unities of time and title.. If one person conveys their rights to another, then.....
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The new person owns an undivided fraction interest as a tenant in common with the rest of the original owners who remain as joint tenants.
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Death of one of the joint tenants doesnt destroy the unit, the surviving joint tenants acquire the interest of the deceased tenant. This occurs by:
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Right of survivorship
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What does PA require for joint tenancy to continue once one joint tenant dies?
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That the title be specified as "joint tenants with right of survivorship" this way the joint tenants take precedent over the deceased person's will..if this is not done then the co-ownership operates as tenancy in common when someone dies.
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How can joint tenancies be terminated?
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OPERATION OF LAW---bankruptcy and mortgage foreclosure
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How can joint tenancies be terminated?
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Operation of law
bankruptcy or foreclosure proceedings |
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How do concurrent tenants terminate their co-ownership
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They can file a suit in court to partition the property. Partition is a legal way to dissolve the relationship when the parties do not voluntarily agree to its termination. If the court determines the property can no be divided without destroying value the property is court order to be sold and proceeds divided
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What is a special form of joint tenancy between husband and wife that is recognized in PA. Eash spouse has an equal, undivided interest in the property.
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Tenancy in entirety--husband and wife control the ownership, transfer the title, and incur indebtedness against the property as a unit
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How can a tenancy by entirety be terminated?
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-agreement between both parties
-divorce which leaves tenants in common -court-ordered sale of the property and its dissolved |
