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Side ASide B
4 Form of Co-Ownership/Concurrent Ownership:
Tenancy in CommonJoint TenancyTenancy by the entiretyCommunity Property
Tenancy in Common:How you convey?What happens when you die?
- Undivided fractional interest in the property - physical property not divided - the ownership interest is.- Co-owners have unity of possession- Can do what you want with your part...
Joint Tenancy:How you convey/create? What happens when you die?
- Must be explicitly created by one deed- When you die your piece goes to other owners until there is only one owner (not to heirs) Right of Survivorship.- Free to convey but this destroy...
Four Unities required for Joint Tenancy :
PITT- Possession- Interest- Time (acquired at same time)- Title (acquired by one document)
Termination of Co-ownership by Partition Suit
Legal way to dissolve relationship. If cannot be physically divided, court sale and division of proceeds.
Tenancy by the Entirety:
Special co-ownership for married couples- Both parties must sign deed for title transfer- One spouse dies, other becomes sole owner
Tenancy by the Entirety: How terminated?
J'S DAD- Judgment sale (court ordered to pay debts)- Death- Agreement- Divorce (leaves as tenants in common)
no Right of Survivorship (one half to remaning spouse, other half via will or state law)
Trusts- Living and testamentary trust- Land trust
Living Trust - created during owners lifetimeTestamentary Trust - by will- Conveys Real/Personal property to a trustee who will assume certain duties. (i.e. manage for the sake of a...
Ownership of Real Estate by Business Organizations:1) Partnership
General Partnership - equal liability / everyday mgmt etcLimited Partnership - General & Limited partners (who cannot participate - investors)
Legally regognized as a single person- Can own real estate in severalty or as tenant in common- Stock is personal property (don't have any interest in the actual real estate)
3) Syndicates / Joint Ventures
One of more firms/people joined in real estate investment, can be organized into other ownership forms- Join Venture - one time thing
Limited Liability Corporation
Refresh: Own the studs in (a fee simple title to the unit)- Common elements owned as tenants in common- Condo association / condo fees etc- Established when declaration in public record...
- Do not own unit, own an interest in the the corpoation's building asset. - Corporation does maintenance etc- Tenants have proprietary leases- Burden of defaulted payment falls...
Most townhouse developments are PUD's Can transfer / sell / will etc
Time Share Ownership:
Time share estateTime share use
3 Basic Forms of Ownership:
In Severalty - title held by 1 personIn Co-ownershipIn Trust (3rd party holds title for benefit of another)