Chapter 3 Ownership of Property. Definitions Real Property versus Personal Property Tangible Personal Property versus Intangible Personal Property Fee.

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Presentation transcript:

Chapter 3 Ownership of Property

Definitions Real Property versus Personal Property Tangible Personal Property versus Intangible Personal Property Fee Simple Estate Life Estate Estate for Term of Years Remainder Interest Reversionary Interest Situs / Domicile Qualified Joint Interest Nonqualifed Joint Interest KNOW THESE TERMS -- not word for word definitions but how they work Joint Tenancy Tenancy by the Entirety Tenancy in Common Future Interest

Types of Property REAL (Real Estate) PERSONAL (Personal Property) TangibleIntangible

Types of Ownership Fee Simple Absolute …… outright ownership Life Estate ….. split ownership Estate for Term of Years Remainder Interest –“Indefeasibly Vested Remainder” versus Contingent (Future benefit versus a present interest) Reversionary Interest ….. Comes back to the grantor.

We also own property with others as follows: see page 68 Joint Tenancy (with Right of Survivorship) ownership by 2 or more persons ….. don’t have to be married. Property passes to the surviving joint owner by “operation of law”. Ownership interest must be equal Any joint owner may sell his interest, but a sale will sever the joint tenancy Joint property not transferable by Will Property passes outside probate

Tenancy by the Entirety …… only between married persons …. more restrictive than joint tenancy. At death, interest passes to surviving spouse Primary difference …. Neither spouse may terminate the tenancy by conveying his interest to a 3 rd party w/out the consent of the other tenant.

Tenancy in Common Tenancy in Common ….. ownership by 2 or more persons …... related or not related. Generally, joint ownership is assumed to be Tenancy in Common if the co- owners are not married. Ownership interest may be unequal. May be in real or personable property. Each tenant is free to sell his or her interest in the property to whoever he wishes. Consent or even knowledge is not required. Owner is free to sell, dispose, trade, gift or will his interest.

Domicile Everyone needs to claim a state of residency. Why?? For most of us, domicile is easy to determine. But if you have multiple residences or you move frequently, domicile may not be clear

Situs Where is the property located?? States will tax investment that are sitused in their state. Example: Oil well in Oklahoma Office Building in New York Business investment in another state