Types of Ownership (Property Ownership)

What are the 4 elements of unity?

(TTIP) 1. TITLE 2. TIME 3.INTEREST 4. POSSESSION

Common Interest Ownership Properties (include)

- Condominiums - Cooperatives - Time Shares

Trustee

A blank can be established by WILL, by a TRUST AGREEMENT, or by a DEED of TRUST.

Unities

BLANK are needed in order to create a joint tenancy. BLANK consist of 4 element, that must occur simultaneously with all owners. The four BLANK are: TITLE, TIME, INTEREST, and POSSESSION (TTIP).

What is Right of Survivorship? And who has Right of Survivorship?

BLANK is when 1 of the tenant dies, and the other tenants interest is AUTOMATICALLY transferred When a joint tenant dies, the joint tenants interest AUTOMATICALLY TRANSFERS/passes to the remaining joint tenant.

Proprietary

BLANK means "OWNER."

Example of the forms of Sole Ownerships

ESTATE IN SEVERALTY or SEVERAL OWNERSHIP are

Right of Survivorship

Generally, when one joint tenant dies, the shares of the surviving joint tenants increase. When there is only one surviving joint tenant, she takes title as the sole owner (IN SEVERALTY), and can convey the property by deed or leave it to her heirs. Joint tenants cannot pass their interest in the property by will.

Creation of Joint Tenancy

In order to create joint tenancy, four elements (called "UNITIES") must occur simultaneously with all owners.

Sole Ownership

Individual ownership of real property, also known as an ESTATE IN SEVERALTY or SEVERAL OWNERSHIP. Under BLANK BLANK, he owner holds title in one of the estates (fee simple, life estate, etc.) or in a life estate in the name of one natural person or one artificial person (such as a corporation or partnership). Real property owned in a TENANCY in SEVERALTY passes to heirs and is subject to probate upon the death of the owner. Real property may be owned individually by: natural persons (individuals), corporations (fictitious persons), and partnerships (association of natural persons).

Tenancy in Common (Book definition)

Most common form of co-ownership, which is assumed unless some other form of tenancy is clearly identified. Co-tenants in a BLANK in Blank generally HOLD title to property in FEE SIMPLE and in their own names. Each co-tenant (including fictitious persons) has a UNITY OF POSSESSION. The unity of possession is the only one of the four unities required for a blank-in-blank, unlike a joint tenancy. The unity of possession means that NO co-tenant can EXCLUDE another co-tenant, and NO co-tenant may CLAIM OWNERSHIP of ANY specific part of the property. Therefore, even if tenants-in-common own UNEQUAL shares, their percentage of ownership is a percentage of the whole. Tenants-in-common have an UNDIVIDED interest in the whole property.

Estate In Severalty (Sole Ownership)

Property that is owned by: - Individuals (natural persons) - Corporation(fictitious) - Partnerships Owner hold title in 1 of the estate whether (fee simple, life estate or Life estate). -a LIFE ESTATE in the name of 1 natural or artificial person such as (corporation or partnership) - Real property owned in TENANCY IN SEVERALTY passes (transfers) to heirs and is subject to probate once owner dies. (Probate means the official proving of will) so must show will and prove ownership.

Unity of TIME (2nd key element(out of 4) for creation of a joint tenancy)

The unity of BLANK describes how all joint tenants must be named at the same time so that their interest vest at the same time. New names CANNOT be added later. If joint tenants wish to add to their number, they must form a new joint tenancy through a new instrument to establish unity of BLANK. Otherwise, the new tenant will be a tenant in common.

Difference between Tenancy in common and a joint tenancy

is that there is NO right of survivorship. That is, each tenant in common CAN PASS TITLE to another outside the tenancy in common upon his death. While a joint tenancy requires all four unities, the tenancy in common requires only ONE-THE UNITY OF POSSESSION. Because there is no right of survivorship, an owner can transfer his interest ina tenancy-in-common BY WILL.

Estate FROM Year to Year (Periodic) (SHORT DEFINITION)

- AKA "tenancy from Year to Year" or "Perodic Estate" - This leasehold runs from a SPECIFIED Period of time & AUTOMATICALLY continues from one period to next unless either party terminates it - The term of lease can be less than a "Year, it can be month-to-month, week-to-week, and it AUTOMATICALLY extends/renews - This type of lease REQUIRES proper notice to TERMINATE and RENEWS AUTOMATICALLY

Condominiums (is a Common Interest Ownership Property)

- Single unit is owned in fee simple. - can be owned by an individual or other entity such as a corporation aka Co-ops) - Common areas are shared as TENANTS-in-Common Each BLANK owner has exclusive ownership of his individual unit and can therefore mortgage, sell, will, or gift his unit independent of all the other units. Common areas are owned by the individual unit owners as tenants-in-common, which means that all of the unit owners enjoy unity of possession, and they are all responsible for maintenance and care. - BLANK units are assessed and taxed separately

Co-ops (aka Cooperatives) (is a Common Interest Ownership Property)

- Title is held by a corporation, partnership, or land trust. - Buyer purchases stock in the corporation (personal property) - From there, buyer receives a proprietary lease for the unit (again personal property) - Proprietary lease gives the stockholder the right to occupy and use a particular unit for the life of the corporation. - BLANK are managed by the Board of Directors they enforce the bylaws, covenants restrictions, and house rules. - BLANK are assessed by stockholders paying their share of the corporation's taxes, insurance and expenses etc

3 types of Concurrent Ownership

1. JOINT TENANCY, 2. TENANCY in COMMON, and 3. TENANCY by the ENTIRETIES. all of these mean ownership of property by two or more persons.

Tenancy in Common compared to Joint Tenancy

1. No right of survivorship (only 1 unity-possession) 2. Possession: All have the right to possess the whole, even though their interest (percentage of ownership) in the whole may be different. 3. Transfer of INTEREST: May pass by will or sale (unlike joint tenancy).

Forms of Ownerships

1. Sole Ownership 2. Concurrent Ownership

Termination of Joint Tenancy

A BLANK BLANK may terminate by MUTUAL CONSENT of the parties, or by SALE. Joint tenants cannot will their ownership interest to others, but they may SELL their interest. When a joint tenant sells his interst to an outside party, the outside party does not take ownership as a joint tenant because there is no unity of TIME or TITLE ( two of the 4 unities requried for formation of a joint tenancy). Rather, the outside party takes title as a tenant-in-common with the remaining joint tenants. Most important, Because all 4 unities do NOT exist, the outside party has fewer rights and cannot occupy the entire property like the joint tenants (the tenant-in-common can only occupy his share).

Tenants in Common

BLANK in BLANK is a form of "concurrent ownership": Concurrent Ownership is when property that simultaneously owned by 2 or more persons. Concurrent ownership is ALSO KNOWN as: CO-OWNERSHIP OR CO-TENANCY which is a form of BLANK in BLANK

Co-ops differentiate from Condominium Ownership by

Individual lease individual units (cooperative); they do not hold individual units in fee simple and the common areas as tenants-in-common (condominium); Condominium ownership differs from cooperative because condos own individual/single unit in fee simple and common areas as tenants-in-common. In Cooperative, the tite is held by a corporation, partnership or land trust, not fee simple like condos. ALSO COOPERATIVE

Estate In Severalty/Several Ownership (Sole Ownership) (BOOK DEF)

Individual ownership of real property, aka Estate in Severalty or Several ownership. Under sole ownership, the owner holds title in one of the estates (fee simple, life estate, etc.) or a life estate in the name of one natural or artificial person (such as a corporation or partnership). Real property owned in a tenancy in severalty passes to heirs and is subject to probate upon the death of the owner. Real property may be owed individually by: natural persons (individuals), corporations (fictitious persons), and partnerships (association of natural persons.)

Tenancy in Common

Is the most common form of Co-ownership. Each co-tenant/person holds title with different interest. Can have equal or UNEQUAL ownership interest. However, ALL CO-TENANTs have unity of possession, meaning that no CO-TENANT can EXCLUDE another co-tenant, and no co-tenant may CLAIM ownership of any specific part of the property.

Estate FROM Year to Year (PERIODIC)

LEASEHOLD, also referred to as "tenancy from year to year" or "periodic estate," which runs for a specified period of time and AUTOMATICALLY continues from one period to the next unless either party terminates it. Note the difference from an estate for years, which automatically terminates at the end of the specified period. The term "YEAR" is deceiving-the term of the lease can be LESS THAN A YEAR. A MONTH-to-MONTH or WEEK-to-WEEK rental that automatically extends to the next month-to-month or week-to-week period is an example of an blank from blank to blank. A periodic tenancy REQUIRES proper NOTICE to TERMINATE, and renews automatically from time period to time period unless properly terminated.

Estate for Years (SHORT DEFINITION)

Lease with a DEFINITE BEGINNING AND DEFINITE ENDING date. - Does not AUTOMATICALLY RENEW - Can be for any definite period of time (1week, 1day, or 10 years) -(lease) does not terminate upon the sale of the property -NOTICE is NOT required from either party to termine lease because it already contains its own termination date.

Estate at Will

Leasehold that is aka as TENANCY AT WILL, which exists when a tenant is in lawful possession of real estate with no definite time specified as to when he will vacate, and no particular recurring period (such as month-to-month). That is, the estate may e terminated at any time by either party. For example, it may terminated by sale of the property, by death of either party or by notice of either party.

Estate at Sufferance

Leasehold that is also known as a tenancy at sufferance. An BLANK at BLANK exists only in a limited circumstance- when a tenant occupies real estate after his lawful rights have expired. This estate carries the fewest rights, and therefore is the lowest, most encumbered estate in land that one can own. The BLANK AT BLANK runs until the tenant vacates or the landlord decides to take action. Termination does not require notice. the most common blank at blank is created by a holdover tenant. A seller or renter who does NOT MOVE OUT a the appointed time creates an blank at blank.

Trust

Legal arrangement whereby property is committed to the care of another, subject to specific rules and instructions. Property is conveyed by a "TRUSTOR" (GRANTOR) to a "TRUSTEE." The trustee holds title to the property and must manage it for the benefit of another, called the beneficiary. The trustee is a fiduciary and has a duty to protect, preserve, and enhance the value of property in her care. A trustee can be an individual or a corporation such as a bank. A trustee can be established by will, by a trust agreement, or by a deed in trust.

Concurrent Ownership

Method of real property ownership by two or more persons at the same time (concurrently). Co-ownership or cotenancy exists in one of the following three forms: JOINT TENANCY, TENANCY in COMMON, and TENANCY by the ENTIRETIES. BLANK BLANK is also known as Co-ownership or Co-tenancy

Joint Tenancy

Methold of property ownership, where title is held by multiple persons as if ALL the owners were a SINGLE PERSON. Each BLANK BLANK has identical rights in the property, and each can occupy (right of possession) the entire premises.

Unity of Possession (4th key element(out of 4) for creation of a joint tenancy)

The blank of blank describes how joint tenants must have undivided (whole)/enitre) possession of the whole property. That is, they must have EQUAL use of the entire property, and no individual tenant may own any particular portion of the property.

TRUE because of right of surviorship.

The interest of a Joint tenancy terminates at death. (TRUE OR false)

TRUE

The interest of a tenancy-in-common does NOT terminate at death. TRUE OR FALSE

Unity of Interest (3rd key element(out of 4) for creation of a joint tenancy)

The unity of BLANK describes how all joint tenants own one single blank in the land together, EQUALLY. That is, they must have the same share in the land for the same duration. If the joint tenants create individual interests they become tenants-in-common because they lack unity of BLANK.

Unity of Title (1st key element(out of 4) for creation of a joint tenancy)

The unity of BLANK describes how joint tenants must acquire title from the same instrument (same deed or same will.) The unity of BLANK describes how all joint tenants must be named at the same time so that their interest vest at the same time. New names CANNOT be added later. If joint tenants wish to add to their number, they must form a new joint tenancy through a new instrument to establish unity of title.

Leases

Transfers the right of exclusive use and possession (but not ownership) of real estate for a specified period of time form the landlord (LESSOR) to the tenant (LESSEE). By transferring the right to use, a lease creates a legal interest in real property. Contracts for BLANK may be written or oral, bilateral, executory, and sometimes assignable contracts that can be for a definite or indefinite period of time, depending upon the type of tenancy.

Estate for Years

aka "Tenancy for Years," with a DEFINITE BEGINNING and a DEFINITE ENDING date that does NOT automatically renew. The term "YEARS" is a misnomer. An blank for blank can be for any DEFINITE period of time(one week, one day, or 10 years). An blank for blank does NOT terminate upon the sale of the leased property. NOTICE is NOT required from either party to terminate an BLANK for BLANK because it already contains its own termination date. Because the lease is personal property belonging to the lessee, the lease remains valid and the lessee may remain in possession if the leased property is sold or the owner dies. However, this is NOT the case with an estate at will and estate at sufferance.

Time Shares (is a Common Interest Ownership Property)

ownership; -may be acquired by lease, license, or deed of interval ownership. Time share purchasers gain fee simple title as a tenant-in-common with other time share owners, or a tenancy for years with. a future tenancy in common. Because time-share owners are tenants-in-common, each ahs an undivided interest in the entire property. However, the owner's use of the property is restricted to specified time periods and units. -Units owned in fee simple as tenants-in-common; or Units owned as a TENANCY for YEARS with tenants-in-common.