Concurrent Interests

What are the requirements in a Tenancy in Common?

Possession; A right to possess the whole

What parts of the property can be used by Tenancy in Common?

Undivided Interest in the use of the Whole

How are shares held in a Tenancy in Common?

Shares can be equal or unequal

Is there a Right of Survivorship in a Tenancy in Common?

No

Can a Tenancy in Common be passed down?

Yes, It can be passed down by will/inheritance

Is a Tenancy in Common transferable?

It can be freely shared without other co-tenants' consent

Is a Judicial Partition allowed in a Tenancy in Common?

Yes, there is a right

What are the requirements in a Joint Tenancy?

Time, Title, Interest, and Possession (TTIPS)

What parts of the property can be used in a Joint Tenancy?

Undivided Interest in the use of the Whole

How are shares held in a Joint Tenancy?

An undivided whole and individual shares

Is there a Right of Survivorship in a Joint Tenancy?

Yes, It is automatically absorbed by the surviving joint tenant

Can a Joint Tenancy be passed down?

It cannot be passed via will; interest is lost at death

Is a Joint Tenancy Transferable?

Yes but transferring a share severs the joint tenancy of that share and converts it into a Tenancy in Common

Is a Judicial Partition allowed in a Joint Tenancy?

Yes, there is a right

What are the requirements in a Tenancy by the Entirety?

Time, Title, Interest, Possession AND Marriage

What parts of the property can be used in a Tenancy by the Entirety?

They are treated as one person

How are shares held in a in a Tenancy by the Entirety?

Neither holds an individual share, there is one whole

Is there a Right of Survivorship in a Tenancy by the Entirety?

Yes, the surviving spouse owns the entire thing

Can a Tenancy by the Entirety be passed down?

It cannot be passed via will; interest is lost at death

Is a Tenancy by the Entirety Transferable?

An attempted transfer without spousal consent is invalid and ignored

Is a Judicial Partition allowed in a Tenancy by the Entirety?

Yes, Joint approval is needed first

If the owners are married and time, title, interest and possession are present there is a

Tenancy by the Entirety

If an unmarried party attempts to state that they are tenants by the entirety a court presumes they intended to create a

Joint Tenancy

When a joint tenant sells or transfers their interest during life

The conveyance severs the unities of time and title so the buyer becomes a Tenant in Common

When a Tennant in Common sells or transfers their interest during their life

The buyer takes over and becomes a new tenant in common

When a joint tenancy is created owners…

Must buy in at the same time on the same deed

When a tenancy in common is created owners…

can buy in at different times on different deeds

Partition in Kind

a physical split of the property

Partition by Sale

a sale of the property, with the sale proceeds split in accordance with the owners’ percentage interests

The partition that is typically preferred

A partition by kind

Title Theory State

Title to the property transfers to the creditor and you will not receive title back until entire mortgage is repaid.

Lien Theory State

Title is not transferred until the debtor defaults

With a tenancy in common in a title theory state the creditor would own

An interest as a tenant in common with the other owners until the loan is repaid

With joint tenants in a title theory state the mortgages transfers to the

creditor and that interest is converted to a tenancy in common

If a co owner is ousted are they owed rent?

Yes but they had to have challenged it

Is a co-owner owed rent if not ousted?

Depends on the state but mostly yes

If the interest is not stated assume that it is a

tenancy in common

In a Tenancy in Common, Co-tenants have certain rights and duties including…

The duty to pay for necessary property related operating expenses like mortgage interest or property taxes

A co tenant who pays more than his/her proportionate share can

Comply the other co tenants to contribute based on ownership interests

Co-tenants have no duty to contribute to

Repairs or improvements unless there is an agreement requiring payment beforehand

In a lien theory state granting a mortgage does or does not sever a joint tenancy?

It does not sever the JT but will upon a foreclosure sale following a default

In a title theory state granting a mortgage

Constitutes a transfer of title and severs the joint tenancy so they become a TIC with the other JTS.