Notes from reading

Tuesday, September 29, 2015

10:34 PM

Co-tenancy is about dividing rights in the property not about diving the property physically. 4
Types of Co-ownership
Tenancy in common
Separate but undivided interest
Interest is alienable (you can do anything you want with your share)
Creation
Default form of co tenancy
Deed, will.
Characteristics
Any number of people can be co tenants and they may have unequal shares
Unless the deed or will specifies otherwise, it is presumed that the tenants in
common have equal shares
If A and B buys a condo but A only pays 25%.. The deed is still given to A and B
and is presumed equal rights unless they bring it to court where court can
weight reasonable arguments
Each co-owner has the right to sell, lease or encumber her share without permission
form the other (unless there was a specific agreement before)
if one tenant dies, their rights is not given to the other
Joint tenancy
Main difference in Joint and tenancy in common is right of survivorship: if one tenant dies,
the rights are transferred to the other
Differences
Harder to create (need 4 unities )
Each of the tenants has the right of survivorship
WHY
Each tenant use some latin: by the share and by the whole., Tenants are
regarded as (LOOK IN TO THIS)

Creation
Intent to create joint tenancy should clearly be specified
Because this form prevents heirs from getting the rights.. As it just
automatically transfers to other co-tenant when one dies
Will or deed have to mention join tenants
Preferred language by most jx
"to A and B as joint tenants with right of survivorship"
If unclear, it will become tenancy in common
Some jc adhering common
Four unities (underlying foundation for joint properties but courts have been
encouraging away from it) --> varies by state
Time: Joint tenants had to acquire interests in the property at the same time
Title: Must have acquired by the same instrument
Interest: Must have the same type of interest for the same duration (for life,
etc)
Possession: Must have all equal rights to possess the whole
Some state statutes specifically allows unequal shares
Characteristics
Co Tenency Page 1

 Characteristics
Right of survivorship
dont say one inherits from other.. The rights of one tenant simply terminates at the
death of a tenant
WHY? Helpful in estate planning as property will automatically go to someone
without probate
Main advantage: avoidance of probate
Severance
When one party defies one of the element of the four unities
Doesnt destroy it but sever it
An action that converts joint tenancy into tenancy in common
Partition - when you want to end the co-tenancy
By sale
By physically separating, etc
Tenancy by the entirety
To H and W, married couple, by entirety

Co Tenency Page 2