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Related Flashcards
Cards In This Set
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4 Form of Co-Ownership/Concurrent Ownership:
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Tenancy in Common
Joint Tenancy Tenancy by the entirety Community Property |
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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 (sell/transfer etc) When you die - passes to heirs / according to will |
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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 unities of Time and Title. A new owner is not a joint tenant. |
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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 of proceeds.
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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 spouse dies, other becomes sole owner |
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Tenancy by the Entirety:
How terminated? |
J'S DAD
- Judgment sale (court ordered to pay debts) - Death - Agreement - Divorce (leaves as tenants in common) |
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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 |
Living Trust - created during owners lifetime
Testamentary Trust - by will - Conveys Real/Personal property to a trustee who will assume certain duties. (i.e. manage for the sake of a beneficiary) Upon death of trustee, passes to beneficiary |
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Ownership of Real Estate by Business Organizations:
1) Partnership |
General Partnership - equal liability / everyday mgmt etc
Limited Partnership - General & Limited partners (who cannot participate - investors) |
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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 - Stock is personal property (don't have any interest in the actual real estate) |
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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 forms
- Join Venture - one time thing |
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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 in common - Condo association / condo fees etc - Established when declaration in public record made |
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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 does maintenance etc - Tenants have proprietary leases - Burden of defaulted payment falls on co-owners (not on person like in a condo) |
