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Forms of Ownership ©OnCourse Learning. All Rights Reserved. Chapter 4

©OnCourse Learning. All Rights Reserved. In This Chapter You will look at how a given right or interest in land is held by one or more individuals. Topics covered: sole ownership, tenants in common, joint tenancy, tenancy by the entirety, & community property.

Ownership Sole ownership  estate in severalty  “severed” (separated) ownership Tenants in common  undivided interests  no right of survivorship ©OnCourse Learning. All Rights Reserved.

A A B B C C A A B B C’s heirs One parcel of land; Three owners with unity of possession What happens if C dies? Tenants in Common ©OnCourse Learning. All Rights Reserved.

Ownership Joint tenancy  unities of time, title, interest, and possession  right of survivorship Tenancy by the entirety Community Property Right of survivorship ©OnCourse Learning. All Rights Reserved.

A A C C Joint Tenancy with Right of Survivorship A A B B C C One parcel of land; Three owners, four unities (PITT): Possession, Interest, Time, Title If C dies? B B ©OnCourse Learning. All Rights Reserved.

Community Property  Property acquired after marriage Separate Property  Property acquired prior to marriage  Acquired by gift  Acquired by separate funds  By written agreement ©OnCourse Learning. All Rights Reserved.

Ownership Partnership  general  Limited  Limited liability  joint venture Corporation  subchapter S Trusts ©OnCourse Learning. All Rights Reserved.

Methods of Holding Title ©OnCourse Learning. All Rights Reserved.

Key Terms Association Community property Estate in severalty Financial liability Joint tenancy Joint venture Limited Liability Company Partnership Right of survivorship Tenants in common Undivided interest ©OnCourse Learning. All Rights Reserved.