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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Chapter 2 Concurrent Ownership Joint tenancy with right of survivorship Tenancy in Common Tenants by the entirety Community property
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Right of Survivorship
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Co-Ownership Chart
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Partition A method by which co-owners of real property can divide the common property into separate ownership. Still retain ownership Contrary to sale of property and division of profits
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Chapter 17 Condominiums and Cooperatives Condominium Form of property ownership in which the owner secures an individual unit in a multi- unit building and is a tenant in common with other owners of units in the building for common areas
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Condominiums and Cooperatives Common areas: portions owned in common with other unit owners for the benefit of all unit owners, e.g., parking, roof, stairs, etc.
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Condominium Association Governing body of a condo, the members of which are owners of the condo units. Usually in the form of a nonprofit corporation
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Condominium Association (cont.) Looks like a corporation Articles Incorporation Bylaws Officers/directors Ownership interest
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Assessment A sum of money to be paid by unit owners for care and maintenance of common areas
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Cooperative Form of ownership of real property in which a corporation owns a multiunit building and leases living space in the building to the shareholders of the corporation
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Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Time-shares Form of ownership of real property in which an owner owns the property for a short period of time, usually one or two weeks per year. Usually for vacation purposes
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789 456 123 Scoreboard X O Group X Group 0
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