Chapter 8 Forms of Real Estate Ownership. Modern Real Estate Practice 17th Edition.

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Presentation transcript:

Chapter 8 Forms of Real Estate Ownership

Modern Real Estate Practice 17th Edition

Forms of Ownership  Severalty  Co-Ownership

Modern Real Estate Practice 17th Edition Forms of Co-ownership  Tenancy in common  Joint tenancy  Four unities: Possession, Interest, Time, Title  Partition  Tenancy by the entirety  Married couples  Termination: Judgment sale, Death, Agreement or Divorce  Community property

Modern Real Estate Practice 17th Edition

Trusts  Parties  Trustor  Trustee  Beneficiary  Living and Testamentary Trusts  Land Trusts

Modern Real Estate Practice 17th Edition Ownership by Business Organizations  Partnerships  General  Limited  Corporations  Shareholders and Double-Taxation  S Corporation  Syndicates and Joint Ventures  Limited Liability Companies (LLCs)

Modern Real Estate Practice 17th Edition Condominiums  Fee simple ownership  Creation  Common elements  Operation and administration

Modern Real Estate Practice 17th Edition

Cooperatives  Proprietary lease  Shareholder ownership  Operation and administration  Tax advantages

Modern Real Estate Practice 17th Edition Townhouses  Common walls  Fee simple ownership  Common elements

Modern Real Estate Practice 17th Edition Time-Shares  Time-share estate  Time-share use  Membership camping