Chapter 9 - Chapter 9 Sole ownership, or ownership in...

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Chapter 9 Sole ownership, or ownership in severalty, means that title is held by one natural person or legal entity. Under co-ownership, title can be held concurrently by more than one person in several ways. Under tenancy in common, each party holds separate title but shares possession with other tenants. Individual owners may sell their interests. On the death of a tenant in common, his or her interest passes to the tenant’s heirs or according to a will. When two or more parties hold title to real estate, they do so as tenants in common unless they express another intention. Joint tenancy (not recognized in Ohio) indicates two or more owners with the right of survivorship. The intention of parties to establish a joint tenancy with right of survivorship must be stated clearly. Ohio does recognize form of survivorship tenancy called tenants in common with right of survivorship. Tenancy by the entirety is actually joint tenancy between husband and wife. It gives couples right of survivorship in all lands they acquired during marriage. During their
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This note was uploaded on 02/02/2012 for the course BTE 231 taught by Professor Thomasgoodwin during the Fall '10 term at Miami University.

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Chapter 9 - Chapter 9 Sole ownership, or ownership in...

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