Real Estate Ownership Forms

Flashcards covering real estate ownership, including severalty, co-ownership, tenancy in common, joint tenancy, and marital property rights.

Ownership in Severalty

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

Co-ownership

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

Tenancy in Common

A parcel of real estate owned by two or more people, where each owner holds an undivided interest in the property; co-owners have unity of possession.

Joint Tenancy

Co-ownership where the distinguishing feature is the right of survivorship; upon death, the deceased's interest transfers directly to the surviving joint tenants.

PITT (Four Unities of Joint Tenancy)

Possession, interest, time, and title; all unities are needed to create joint tenancy.

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; Can be initiated for Tenancy in Common and Joint Tenancy.

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; each spouse has an equal undivided interest in the property.

Community Property Rights

Laws based on the idea that spouses are equal partners in the marriage, and any property acquired during the marriage is considered to be obtained by mutual effort.

Separate Property

Real or personal property that was owned solely by either spouse before the marriage, or acquired by a gift or inheritance during the marriage, or purchased with separate funds during the marriage.

Community Property (Definition)

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