© OnCourse Learning Chapter 4 : Forms of Ownership.

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Presentation transcript:

© OnCourse Learning Chapter 4 : Forms of Ownership

Forms of Ownership Sole ownership Tenants in common Joint tenancy Community property Partnership Corporation © OnCourse Learning

Concurrent Ownership by States

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 © OnCourse 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 © OnCourse Learning

Married Persons Tenancy by the Entirety Community Property Separate Property © OnCourse Learning

Holding Title © OnCourse Learning

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

Key Terms Concurrent ownership Estate in severalty Joint tenancy Limited liability company Limited partnership Partnership Right of survivorship Tenancy by the entirety Tenants in common Undivided interest © OnCourse Learning

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