REP_OH.08

REP_OH.08 - CM 426 - REP 8 FORMS OF REAL ESTATE OWNERSHIP 1...

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1 CM 426 -- REP 8 FORMS OF REAL ESTATE OWNERSHIP I. THREE BASIC WAYS A FEE SIMPLE ESTATE MAY BE HELD -- VERY IMPORTANT FOR SIGNING LISTING AGREEMENTS, TAKING TITLE, TAXES, PROBATE, ETC. A. IN SEVERALTY -- TITLE HELD BY ONE INDIVIDUAL 1. OWNER IS “SEVERED” OR “CUT OFF” FROM OTHER OWNERS 2. IF HUSBAND OR WIFE OWNS PROPERTY IN SEVERALTY, STATE LAWS MAY AFFECT OWNERSHIP B. IN CO-OWNERSHIP -- TITLE HELD BY TWO OR MORE INDIVIDUALS AS CO-OWNERS OR CONCURRENT OWNERS 1. TENANTS IN COMMON 2. JOINT TENANTS 3. TENANTS BY THE ENTIRETY 4. COMMUNITY PROPERTY C. IN TRUST -- THIRD INDIVIDUAL HOLDS TITLE FOR BENEFIT OF ANOTHER II. CO-OWNERSHIP A. TENANCY IN COMMON 1. EACH INDIVIDUAL OWNS AN UNDIVIDED FRACTIONAL INTEREST IN THE PROPERTY 2. UNITY OF POSSESSION -- ENTITLED TO POSSESSION OF THE WHOLE PROPERTY 3. DEED CREATING TENANCY IN COMMON STATES FRACTIONAL INTEREST HELD; IF NOT STATED, TENANTS HOLD EQUAL SHARES ACCORDING TO THE NUMBER OF TENANTS
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4. EACH TENANT OWNS ITS INTEREST IN SEVERALTY a. EACH TENANT CAN SELL, CONVEY, MORTGAGE OR TRANSFER ITS INTEREST WITHOUT CONSENT OF OTHER CO-OWNERS b. WHEN A CO-OWNER DIES, INTEREST PASSES ACCORDING TO WILL 5. IF TWO OR MORE ACQUIRE LAND WITHOUT STATING FORM OF TENANCY, USUALLY ASSUMED TO BE TENANCY IN COMMON a. EXCEPTIONS ARISE WITH HUSBAND AND WIFE IN MANY STATES b. COULD BE TENANCY BY THE ENTIRETY, COMMUNITY PROPERTY, AND IN AT LEAST ONE STATE, JOINT TENANCY B. JOINT TENANCY -- RECOGNIZED IN MOST STATES 1. DISTINGUISHED BY UNITY OF OWNERSHIP
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This note was uploaded on 01/11/2012 for the course CM 426 taught by Professor Markhutchings during the Winter '12 term at BYU.

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REP_OH.08 - CM 426 - REP 8 FORMS OF REAL ESTATE OWNERSHIP 1...

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