Lesson_05 - Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2009 Rockwell Institute
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1 California Real Estate Law © Copyright 2007 Rockwel Publishing, Inc. Lesson 5: Co-ownership of Real Property © Copyright 2007 Rockwel Publishing, Inc. Introduction This lesson will discuss: l forms of co-ownership l tenancy in common l joint tenancy l community property l ownership of business entities © Copyright 2007 Rockwel Publishing, Inc. Forms of Co-ownership Ownership by one person: l in severalty l ownership “severed” from all other people Title isn’t shared in any way.
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2 © Copyright 2007 Rockwel Publishing, Inc. Forms of Co-ownership Co-ownership by two or more people: l concurrent ownership l more complicated than ownership in severalty © Copyright 2007 Rockwel Publishing, Inc. Forms of Co-ownership Ownership Concurrent Tenancy in common Joint tenancy Community property In severalty Tenancy in partnership © Copyright 2007 Rockwel Publishing, Inc. Tenancy in Common Tenancy in common (TIC) : l default form of co-ownership If grantor conveys property to 2 or more unmarried people and no form of co-ownership is specified: l grantees take title as tenants in common
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3 © Copyright 2007 Rockwel Publishing, Inc. Tenancy in Common Tenancy in common is a flexible form of co- ownership: l ownership interests may be equal or vary in size Example: one person owns 90% interest and three others share remaining 10% Undivided interests © Copyright 2007 Rockwel Publishing, Inc. Tenancy in Common No matter how small an ownership interest is, it’s an undivided interest —the tenants in common have unity of possession. Unity of possession : each tenant has right to use the entire property and no co-tenant can keep other owners out Undivided interests © Copyright 2007 Rockwel Publishing, Inc. Tenancy in Common Example: person with 10% has just as much right to use property as person with 90% interest l Exception: tenants in common may agree in writing to grant one tenant exclusive right of possession Undivided interests
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4 © Copyright 2007 Rockwel Publishing, Inc. Tenancy in Common
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This note was uploaded on 01/29/2012 for the course REAL 10 taught by Professor Murford during the Spring '11 term at Chabot College.

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Lesson_05 - Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer

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