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Co Ownership And Concurrent Interests Outline

Law Outlines > Property I Outlines

This is an extract of our Co Ownership And Concurrent Interests document, which we sell as part of our Property I Outlines collection written by the top tier of Thomas Jefferson School Of Law students.

The following is a more accessble plain text extract of the PDF sample above, taken from our Property I Outlines. Due to the challenges of extracting text from PDFs, it will have odd formatting:

CO-OWNERSHIP & CONCURRENT INTERESTS

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When two or more persons have a possessory right in real property at the same time and those rights do not exclude each other, those persons have concurrent interests

TENANCY IN COMMON

* Tenants own separate but undivided interests in the same property

* Each tenant in common has a fractional interest in the entire property, each is entitled to use and possess the property

* But none can exclude fellow owners

* Interest may be alienated, devised, or inherited separately from the other tenancy in common interests

* It is the presumed form of co-ownership, rebuttable by clear evidence of intention to create some other form of co-ownership

* Property passing by intestacy to two or more heirs is always taken as tenants in common

* There is a rebuttable presumption that tenants in common have equal shares JOIN TENANCY

* Right of survivorship o Upon the death of a joint tenant, the interest of the deceased joint tenant terminates

* Theory is that each joint tenant owns an equal share in all of the property, so when one joint tenant dies nothing passed to the other joint tenants; the dead joint tenant's interest dies with him

* Complete right of possession in each joint tenant

* Can transfer inter vivos his interest in the property, w/out the consent or knowledge of his cotenants

* But he cannot transfer any more than his percentage ownership

* Can be transferred by deed, but will not pass by will or intestacy

* Four unities are required to create: (must be equal in every respect) o Time
? Each joint tenant must acquire his interest at the same time o Title
? Must receive interests under the same instrument o Interest
? Identical interests in the property
? The same share of the undivided whole
? The same durational estate o Possession
? Must have the same right to possession of the whole property
? But after creation tenants are free to allocate possession rights as they wish

* Creation o Ambiguous grants may not create a joint tenancy

Buy the full version of these notes or essay plans and more in our Property I Outlines.