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©OnCourse Learning. All Rights Reserved.
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Forms of Ownership ©OnCourse Learning. All Rights Reserved. Chapter 4
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©OnCourse Learning. All Rights Reserved. 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.
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Ownership Sole ownership estate in severalty “severed” (separated) ownership Tenants in common undivided interests no right of survivorship ©OnCourse Learning. All Rights Reserved.
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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 ©OnCourse Learning. All Rights Reserved.
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Ownership Joint tenancy unities of time, title, interest, and possession right of survivorship Tenancy by the entirety Community Property Right of survivorship ©OnCourse Learning. All Rights Reserved.
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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 ©OnCourse Learning. All Rights Reserved.
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Community Property Property acquired after marriage Separate Property Property acquired prior to marriage Acquired by gift Acquired by separate funds By written agreement ©OnCourse Learning. All Rights Reserved.
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Ownership Partnership general Limited Limited liability joint venture Corporation subchapter S Trusts ©OnCourse Learning. All Rights Reserved.
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Methods of Holding Title ©OnCourse Learning. All Rights Reserved.
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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 ©OnCourse Learning. All Rights Reserved.
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