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What is a tenancy in common (TIC)?
TIC is 1 of 3 types of co-ownership. A TIC has:
1) Separate interest but unity of possession (all who own part have right to occupy 100%;
2) doest not have to be equally divided;
3) interest in alienable (can be sold, devised, inherited);
4) no right of survivorship.
If a tenant dies in a TIC, what happens to his interest?
Because there is NO right of survivorship in a TIC, upon death the deceased's interest in the TIC passes into his/her estate, to be divided among beneficiaries (if there's a will) and/or heirs (if there's no will or if the will does not specify who will inherit the deceased's share of the TIC).
What is a joint tenancy (JT)?
A JT is 1 of 3 types of co-ownership. A JT has:
1) right of survivorship
2) 4 unities: PITT (present, interest, time, title)
3) one can unilaterally transfer his/her interest.
What happens when you transfer interest in a JT?
Transferring one's interest in a JT destroys unities of time and interest , severing the JT. Automatically becomes TIC.
In a JT, can unities be severed unintentionally? Does severance of unities need to be intentional?
With JT, unities CAN be severed unintentionally -- does NOT NEED intention.
What are the requirements for a tenancy by the entirety (TBE)? How can TBE be severed?
TBE requires 4 unities plus marriage
with rights of survivorship (ROS)
- Can only be severed via:
- 1. divorce,
- 2. mutual agreement,
- 3. death
What is right of survivorship (ROS)?
ROS exists in a JT or TBE.
ROS means the interest of the person who died "vanishes" upon death and that the remaining JT(s) or the spouse automatically own the whole thing. Nothing passing into estate.