Linda Lom Client Guide - Ownership in Real Estate and Conveyance
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Ownership in Real Estate and Conveyance
(How to Take Title)
Tenants in Common:
- May own either equal or unequal interests, each owns a proportionate share of the property as undivided interest.
- Unity of Possession: Parties share an undivided possession of property and is entitled to it’s full use and enjoyment. Example: Tenant (A) owns 20% of the property while (B) owns the remaining 80%. (A) has the same right to occupy and use the property that (B) has.
- No right of survivorship, when one tenant dies, his/her interest passes to their heirs.
- Tenants may take ownership, all at one time, or at different times.
- Each tenant may dispose of any part of his/her interest without affecting the interest of others.
- Partition Suit: Originated by one or more co-tenants asking the court to order the splitting of interest to end the tenancy when a voluntary agreement can not be reached.
- Right of Survivorship: If one of the joint tenants die, his/her interest passes on to the other tenants that are still alive without a will and the expense of probate.
- Unity of Possession: Parties share an undivided possession of property and is entitled to it’s full use and enjoyment.
- Unity of Interest: Tenants share equal interest, i.e. if there are three tenants, they must each have a one third.
- Unity of Time: All tenants take title at the same time.
- Unity of Title: All tenants take title through the same deed or will.
Tenants by the Entireties:
- Property is deeded to husband and wife.
- Each owns the entire property.
- Right of Survivorship: If either spouse dies, the survivor automatically becomes the owner of the property in severalty.
- In order for property to be sold, both husband and wife must sign all the instruments.
- The Unity of Possession Time and Title: Applies similar to joint tenancy except for unity of interest because both husband and wife each own 100% not 50%.
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