Chapter 4 Forms of Ownership

Tenants in common

1. Undivided interest aka unity of possession; 2. Separate legal title to undivided interest, 3. No right of survivorship; major advantage is allows 2 or more persons to achieve goals that one could not accomplish on their own.

Undivided interest example

Condo & clubhouse

Partition

Divides property into distinct portions so each person can hold a proportionate interest in severally. Used if selling.

joint tenancy

Last man standing wins entire property; a form of property co-ownership that features the right of survivorship; surviving tenants inherits land that deceased partner left; loosely labeled "poor man's will". Cannot will your interest to anyone because your interest ends at your death. This can be used to defeat curtesy and dower rights.GA recognizes but deed must clearly state it is a joint tenancy coupled with right of survivorship. Corporations can't enter into ______ because a corporation is not human and exists in perpetuaty . In event of death, joint tenants can acquire property free and clear of any lines; however, this can only happen if the debtor dies before the creditor seizes the debtor's interest. Not limited toreal property - can be held in any chattel interest as well.

Concurrent ownership

Ownership by two or more persons at the same time

Separate property

Property owned before or acquired after marriage with separate funds can be exempted from community property and can be conveyed without signature of owner's spouse. Neither dower nor curtesy exists in community property states.

right of survivorship

a feature of joint tenancy whereby the surviving joint tenants automatically acquire all the rights, title, and interest of the deceased joint tenant

tenancy by the entirety

a form of joint ownership reserved for married persons; in addition to 4 joint tenancy, add a 5th-unity of person. right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other. Only exists between married people; Georgia does not recognize. In event of divorce, the spouses become tenants in common.

caveat to agents

be the source of the source - do not practice law - do not advise on how to take title

unity of possession

joint tenants enjoy the same undivided possession of the entire property; only unity essential to tenants in common

unity of time

means that each joint tenant must acquire their ownership interest at the same moment. Once a joint tenancy is formed, it is impossible to add new tenants later unless an entirely new joint tenancy is formed.

separate property

means that property owned before marriage and property acquired after marriage by gift, inheritance of purchase with separate funds can be exempted from the couple's community property; ______ can be conveyed or mortgaged without the signature of the owner's spouse. Treats the spouses as equal partners in property acquired through their mutual efforts during marriage.

unity of title

means that the joint tenants acquire their interest from the same source (i.e., the same deed or will). Georgia will allow property owners to create a valid _________ by conveying to themselves and another without going through a third party.

unity of interest

means that the joint tenants own one interest together and that each joint tenant has exactly the same right in that interest. If two owners, then they each own half and so on. This is the foundation upon which the survivorship feature rests. If one holds a fee simple interest, the others must hold a fee simple interest. If joint tenants list individual interests, they lack unity of interest and become tenants in common

concurrent ownership

ownership by two or more persons at the same time

undivided interest

ownership of two or more persons that gives each the right to use the entire property

four unities of joint tenancy

possession, interest, title and time must be present; represented as PITT

tenants in common

shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists; in GA if two or more persons are named as owners, and there is no specific indication as to how they are taking title, they are presumed to be tenants in common with an equal ownership interest. Each can sell his interest because each has separate title.

estate in severalty

sole ownership; owned by one person; or married persons; all others are "severed" - freehold estate; businesses usually hold title to property under this category; it is from this ________ that all other tenancies exist. Main advantage to sole ownership is flexibility.

community property

spouses are treated as equal partners, each owning one-half interest; GA does not recognize community property. Spain & France are basis for this...English law is based on the merging of husband's and wife's interest upon marriage. Property owned before and acquired after marriage by gift, inheritance or purchase with separate funds and be exempted;