11.2 Co-ownership

Partition

A division of real or personal property or the proceeds therefrom among co-owners.

Each spouse in a community property has equal rights to which of the following...? Alienation Management Testamentary disposition All of the above

All of the above

Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship is known as...? Joint tenancy Tenancy in common Community property Severalty ownership

Joint tenancy

Community Property

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse had equal rights of management, alienation, and testamentary disposition of community property.

What actions can joint tenancies perform with their undivided interest as their right?

Sell, convey, mortgage and transfer their undivided interest with other co interest

Joint Tenancy

Two or more natural persons own that comes with a special benefit called the right of survivorship.Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.

Common law states there are 4 units required to create a joint tenancy. What are they?

Unity of Time Unity of Title Unity of Interest Unity of Possession

How to destroy Joint Tenancy? What action destroys them?

Destruction of: Unity of Time Unity of Title Unity of Interest Unity of Possession

Typically people select this form of ownership with the right of survivorship for tenants who own a business or for people who want to remain business rights to pass on to the remaining owners in order to keep the company up and running. Typically people select this form of ownership with the right of survival ship when a family wants to keep a parcel of real estate in the immediate family without the ownership being diluted in other estates

Joint Tenancy with right of survivorship

What are

Protect the property Preserve the property Payment of their proportionate share of common debts

Right of Survivorship

The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.