© 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership.

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Presentation transcript:

© 2010 by Cengage Learning Chapter 4 ________________ Forms of Ownership

© 2010 by Cengage Learning One or More? Sole ownership Tenants in common Joint tenancy Community property Partnership Corporation

© 2010 by Cengage Learning Tenants in Common One parcel of land; Three owners with unity of possession What happens if C dies? C’s heirs A A B B C C A A B B

© 2010 by Cengage Learning Joint Tenancy with Right of Survivorship One parcel of land; Three owners, four unities (PITT): Possession, Interest, Time, Title If C dies? C A A B B C C A A B B

© 2010 by Cengage Learning Married Persons Tenancy by the Entirety Community Property Separate Property

© 2010 by Cengage Learning Holding Title

© 2010 by Cengage Learning Additional Ownership Forms S Corporations Trusts Inter Vivos Trust Testamentary Trust Limited Liability Companies (LLC)

© 2010 by Cengage Learning Key Terms Community property Concurrent ownership Estate in severalty Joint tenancy Right of survivorship Tenancy by the entirety Tenants in common Undivided interest