Home > Preview
The flashcards below were created by user
on FreezingBlue Flashcards.
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.
What would you like to do?
Home > Flashcards > Print Preview