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South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western Publishing©2002
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Chapter 4 Forms of Ownership _______________________________________
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South-Western Publishing©2002 One or More? Sole ownership Tenants in common Joint tenancy Community property Partnership Corporation
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South-Western Publishing©2002 Tenants in Common 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?
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South-Western Publishing©2002 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
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South-Western Publishing©2002 Married Persons Tenancy by the Entirety Community Property Separate Property
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South-Western Publishing©2002 Holding Title
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South-Western Publishing©2002 Additional Ownership Forms S Corporations Trusts –Inter Vivos Trust –Testamentary Trust Limited Liability Companies (LLC)
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South-Western Publishing©2002 Key Terms Concurrent ownership Estate in severalty Joint tenancy Limited Liability Company (LLC) Limited partnership Right of survivorship Tenancy by the entirety Tenants in common Undivided interest
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