Joint ownership where two or more persons own the

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Unformatted text preview: the materials they are constructed from, and these are often included in the terms of a subdivision. They then become restrictions on the use of the land by future owners. Joint ownership Where two or more persons own the same property (also known as co-ownership), they will usually own it as joint tenants or tenants in common. In this context, the word ‘tenant’ does not have the same meaning as it does in the expression ‘landlord and tenant’. The word ‘tenant’ is derived from the French word for ‘holder’; it therefore can have a much wider meaning than just a person who rents property. Joint tenancy Under joint tenancy, the co-owners hold an equal and undivided interest in the property. Joint tenancy is characterised by the ‘four unities’ and survivorship (see Figure 33.4). FIGURE Elements necessary for a joint tenancy 33.4 Joint tenancy Unity of possession Unity of title Unity of interest Unity of time Survivorship RISK MANAGEMENT ALERT Joint tenancy is characterised by the ‘four unities’ and survivorship. Unity of po...
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This document was uploaded on 04/23/2012.

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