Flashcard Set Preview
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4 Form of Co-Ownership/Concurrent Ownership:
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Tenancy in CommonJoint TenancyTenancy by the entiretyCommunity Property
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Tenancy in Common:How you convey?What happens when you die?
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- Undivided fractional interest in the property - physical property not divided - the ownership...
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Joint Tenancy:How you convey/create?
What happens when you die?
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- Must be explicitly created by one deed- When you die your piece goes to other owners until...
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Four Unities required for Joint Tenancy :
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PITT- Possession- Interest- Time (acquired at same time)- Title (acquired by one document)
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Termination of Co-ownership by Partition Suit
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Legal way to dissolve relationship. If cannot be physically divided, court sale and division...
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Tenancy by the Entirety:
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Special co-ownership for married couples- Both parties must sign deed for title transfer- One...
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Tenancy by the Entirety:
How terminated?
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J'S DAD- Judgment sale (court ordered to pay debts)- Death- Agreement- Divorce (leaves as tenants...
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Community Property
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no Right of Survivorship (one half to remaning spouse, other half via will or state law)
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Trusts- Living and testamentary trust- Land trust
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Living Trust - created during owners lifetimeTestamentary Trust - by will- Conveys Real/Personal...
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Ownership of Real Estate by Business Organizations:1) Partnership
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General Partnership - equal liability / everyday mgmt etcLimited Partnership - General &...
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2) Corporations
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Legally regognized as a single person- Can own real estate in severalty or as tenant in common-...
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3) Syndicates / Joint Ventures
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One of more firms/people joined in real estate investment, can be organized into other ownership...
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4) LLCs
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Limited Liability Corporation
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Condominiums:
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Refresh: Own the studs in (a fee simple title to the unit)- Common elements owned as tenants...
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Cooperative Ownership:
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- Do not own unit, own an interest in the the corpoation's building asset. - Corporation...
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Townhouse Ownership:
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Most townhouse developments are PUD's Can transfer / sell / will etc
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Time Share Ownership:
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Time share estateTime share use
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3 Basic Forms of Ownership:
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In Severalty - title held by 1 personIn Co-ownershipIn Trust (3rd party holds title for benefit...
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