Real Estate Ownership

Flashcards for vocabulary review.

Ownership in Severalty

Ownership by one person, individual, company, corporation, or other entity.

Co-ownership

When title to a parcel of real estate is held by two or more persons.

Tenancy in Common

Each owner holds an undivided interest in the property; co-owners have unity of possession.

Equal Shares in Tenancy in Common

Co-owners are presumed to hold equal shares if no fractions are stated in the deed.

Transfer of Interest in Tenancy in Common

Co-owner can sell, convey, mortgage, or transfer their individual interest in the tenancy in common without consent of other co-owners.

Tenancy in Common Ownership

Co-ownership where owners can sell, convey, or transfer their individual interest.

Joint Tenancy

Form of co-ownership where the distinguishing feature is the right of survivorship.

Right of Survivorship

Upon the death of a joint tenant, the deceased interest transfers directly to the surviving joint tenants.

Sole Ownership in Joint Tenancy

The last survivor takes title in severalty and has all the rights of sole ownership.

Creating Joint Tenancy

A joint tenancy can be created only by the intentional act of conveying a deed or giving the property by will or living trust.

PITT

Possession, Interest, Time and Title.

Unity of Possession

All joint tenants hold an undivided right to possession.

Unity of Interest

All joint tenants hold an equal ownership interest.

Unity of Time

All joint tenants acquire their interest at the same time.

Unity of Title

All joint tenants acquire their interest by the same document.

Terminating a Joint Tenancy

A joint tenancy is destroyed when any one of the four unities of joint tenancy is terminated.

Partition Suit

A legal way to dissolve the relationship between co-owners of real estate when the parties do not voluntarily agree to its termination.

Tenancy in Common and Joint Tenancy

Partition is applicable to these two types of properties.

Heir Property

Inherited property.

Tenancy by the Entirety

A special form of co-ownership used in some states that allows a spouse to inherit the other spouse’s ownership interest upon death.

Right of Survivorship

Spouses who are tenants by the entirety have the right to this.

Entirety

The owners are considered one indivisible unit.

Conveyance of Title

Requires signatures of both parties to convey the title.

Community Property Rights

Property ownership laws based on the idea that spouses are equal partners in the marriage.

Separate Property

Real or personal property owned solely by either spouse before the marriage, or acquired by gift or inheritance.

Community Property

Real and personal property acquired by either spouse during the marriage.

Conveyance of Community Property

Requires the signatures of both spouses.

Joint Tenancy Creation

The deed must specify the parties intention to create a joint tenancy.

Co-ownership

Concurrent owners refers to this.

Two or more people buying a property in Maryland

They are automatically tenancy in common.

Joint Tenancy in Maryland

Requires adding the phrase with right of survivorship.

Operational Law

When divorce occurred, causing the formal couple's ownership to change.

Form of Ownership

The choice affects the ability to transfer real estate and has tax implications.

Sole

The owner and severalty has _ right to the property.

Time

Unity of : all joint tenants acquire their interest at the same time.

Interest

Unity of : all joint tenants hold an equal ownership interest.

Possession

Unity of : All joint tenants hold an undivided right to possession.

Partition

Legal method to terminate a co-ownership.

Four

A joint tenancy is destroyed when any one of the _ unities of joint tenancy is terminated.

Unity of Possession

The co-owners have this, meaning that each owner is entitled to possession and use of the entire property even though they only hold a fractional ownership interest.

Possession

Each tenant holds a fractional undivided interest with unity of _ only.

Equal Partners

In this form of Community Property, each owns fifty fifty

common

Parties that acquire title to estate and the form of ownership is not indicated are usually determined to have acquired title as tenants in __.

Entirety

A deed to a married couple in Maryland is presumed to create a Tenancy by the unless it specifies otherwise

state

Forms of property ownership possible are identified within that .

Distinguishing

The ___feature of a join tenancy is the right of survivorship

Entirety

Tenancy by the _ recognized in half of the states

Community

___ property laws are based on the idea that spouses are equal partners in the marriage

Gift

Separate property is any real or personal property that was owned solely by either spouse before the marriage or acquired by a _.

sell

With co-ownership you must understand implications that follow when one wants to _.

Creating Joint Tenancy

Requires 4 elements or unities remembered as PITT

Spouse by Entirety

An equal undivided interest in a property

Maryland

Both spouses must sign the deed to covey a property as tenant by the entirety

Maryland Real Estate

Unless deed specifies otherwise to 2 or more persons normally create a tenancy in common

Maryland

Same sex couples are recognized if married

Maryland

Can't partition married people in state of _

Attorney and tax expert

What kind of advice can be given to same sex couples?

Divorce

Becoming tenants in common by operational law

Tenancy by Entirety

Spouses have equal undivided interest in property.

Joint Tenancy

One less owner.

Will

The state is going to write one for you.

5 people holding title

Each will own an undivided one fifth interest

Will

That co owner's undivided interest is gonna pass to heirs if they have a _.

Tenants in Common

These are popular in inexpensive urban areas.

Tenancy in Common

Requires the use of an attorney to clarify the terms of the ownership

Death

You have to have a _ certificate to prove that they are gone.

Four Unities

Joint tenants must have possession, interest, time and title.

Common

That new owner cannot be a joint tenant, but instead is a tenant in .

Partition

Termination of co-ownership by suit.

Partition

When the parties do not voluntarily agree to its termination.

Partition

The court will order the real estate sold.

Entirety

Married couples are tenants by the in Maryland

Homestead

Home is protected from creditors

Forms of Property Ownership

What happened to married people?

One

You can't divide that.

Together

We're married, somebody's taking care of the home. The other one's out there making the money. When we buy this house, we did it ___

Community Property

Consists of any real and personal property acquired by either spouse during the marriage

agreement of both parties

Husband and wife

automatic

Tenants in common

Possession

Possession

Family gets it

Inheritable

Joint owners

Right of survivorship

by operational law

Divorce or other legal termination of marriage

Force a sale

Partition suit

one person

Ownership in severalty

Right of survivorship

Joint tenancy

Law sees them as one person

Tenancy by the entirety

Great granddaddy

Separate property

Trust

Ownership

Ownership

Business organizations

condominium

Tenancy

equal partners

Community property

500,000

Capital gain exclusion

legal termination

Three years

Married

Common Law

Equal shares

The tenants are presumed to hold this when no fractions are stated.

Clarification

Requires the use of an attorney to clarify the terms of the ownership

Said

What's that as

Membership

Joint Tennessee

Common

That new owner cannot be a joint tenant, but instead is a tenant in