Property Law

Card Set Information

Author:
dsgaldo
ID:
204025
Filename:
Property Law
Updated:
2013-02-28 04:50:18
Tags:
Co Ownership
Folders:

Description:
Co-ownership: TIC, JT, TBE, severance, ouster, partition
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  1. 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.
  2. 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).
  3. 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.
  4. 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.
  5. 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.
  6. 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
  7. 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.

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