© 2012 Cengage Learning

Forms of Ownership Chapter 4

© 2012 Cengage Learning 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.

© 2012 Cengage Learning Ownership Sole ownership  estate in severalty  “severed” (separated) ownership Tenants in common  undivided interests  no right of survivorship

© 2012 Cengage Learning 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

© 2012 Cengage Learning Ownership Joint tenancy  unities of time, title, interest, and possession  right of survivorship Tenancy by the entirety Community Property Right of survivorship

© 2012 Cengage Learning 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

© 2012 Cengage Learning Community Property  Property acquired after marriage Separate Property  Property acquired prior to marriage  Acquired by gift  Acquired by separate funds  By written agreement

© 2012 Cengage Learning Ownership Partnership  general  Limited  Limited liability  joint venture Corporation  subchapter S Trusts

© 2012 Cengage Learning Methods of Holding Title

© 2012 Cengage Learning 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