versa. Which co-ownership concept is this an example of?

Real property ownership Flashcards how can separate property be acquired in a community property co-ownership?

• purchased before the marriage2. acquired by one

spouse through a gift or inheritance during the marriage3.purchased by the spouse with separate funds during the marriage (funds must be kept away from the shared funds to be considered separate) Brian and Steven co-own property. Brian can't tell Steven that Steven can only use a portion of the property, and vice versa. Which co-ownership concept is this an example of?Undivided interest -this grants both brian & steven the right of possession of the whole property, not simply a portion of it.What are the two types of interest in co-ownership?1. undivided interest2. right of survivorship Is tenancy by the entirety recognized in Georgia? no For a group of people in a joint tenancy, they have a fractional undivided interest. What does this mean?-each owner owns a certain percentage (or fraction) of the property.- because a joint tenancy has an undivided interest, they each possess all of the rights to the property.essentially the fraction part is only on paper.What is the main distinguishing point between tenancy by the entirety and community peoperty?the fifth unity - the unity of person which states that co-owners are, for legal purposes related to ownership of the property, a single, indivisible unit. I.E. TENANCY BY

THE ENTIRETY REQUIRES THE UNITY OF PERSON

(married couples only) a type of ownership reserved for marrieds only, and only exist in certain states tenancy by the entirety How are the three types of co-ownership different from one another?they differ in the way they are created and he way they are transferred.In a co-owned property, what would happen if one of the owners died & there was no right of survivorship?the interest would go to the deceased heir instead of going to the remaining co-owner(s) How can a partition be done voluntarily? if all the parties involved agree, by dividing the property so each party owns a portion in severalty (sole ownership). If the parties involved cannot come to an agreement, the co-owners can sue the other to legally dissolve the co-ownership & divide up the property Before Leti Homeowner married James, she bought a bachelorette pad downtown. Young, single, and carefree (but not SO carefree that she wasn't saving for a down payment), Leti purchased a cute one-bedroom condo in a converted warehouse building.Leti supplied the down payment, Leti took out the loan, and it was only Leti's name on the title. What type of real property ownership is this?ownership in severalty a type of interest in a co-ownership property that gives each co-owner the right of possession of the whole property, not simply a portion of it Undivided interest

this unity of co-ownership provides that each co-owner holds an equal share in the property.unity of interest a type of property owned by a spouse that is not community property separate property T/F - some people in the business recognize five (rather than four) unities of co-ownership true - some agents recognize unit of person as the fifth unity the statutory principle of survivorship tenancy, which means that when one co-owner dies, their ownership interest reverts to the surviving co-owner(s) Right of survivorship If co-owners enter into a joint tenancy, what happens if one of the co-owners pass?joint tenancy includes the right of survivorship- therefore, their share of the property would be absorbed by the remaining joint tenants, instead of passing to their heirs.How are joint tenancy & tenancy in common different1. with joint tenancy, the interest of the property are always equal2. joint tenancy includes right of survivorship while tenancy in common has right to inherit is a form of co-ownership where legal spouses each hold an equal and undivided interest in the property which cannot be conveyed or encumbered without consent of the other

Couple Co-Ownership Type 1: Tenancy by the

EntiretyTenancy by the entirety In Georgia, if you want to be joint tenants with the right of survivorship, does this happen automatically?No - in Georiga, if you want the right of survivorship, you must spell that out in the deed instead of just assuming it as a part of joint tenancy - EVEN IF IT'S A MARRIED

COUPLE

with a form of co-ownership featuring the unity of time - can another party be brought in?No - any form of co-ownership featuring this unity or condition stipulates that no additional owners can be brought into the original agreement at a later date. If that is desired, a completely new contract would need to be created.Last spring, our friend James Homeowner decided to invest in a five-unit rental property with his Uncle Sy and Grandma Lilly. They purchased the property as tenants in common and dubbed it Common Corners.James put up $100,000. Sy also put up $100,000. Lilly paid the rest of the

cash: $300,000. So James owns 20% of the property, Sy

owns 20%, and Lilly owns 60%. The proportions of ownership, and the fact that they are tenants in common, was outlined in the deed at the time of purchase.- what type of interest do each of them have?-how many units does each one of them own?- if grandma lilly were to pass, would James & Sy acquire her share?

• they have undivided interest in the property- they each

are an equal partner here because a tenants in common ownership has an undivided interest, meaning that every co-owner has equal run of the property- no. tenants in common has no right to survivorship. Her portion would go to her heirs What do tenants in common have?1. undivided interest in the property2. the right of inheritance, not survivorship3. the ability to own unequal shares in the property Why do corporations own property in severalty? Corporations are legal people, so they own property in severalty.

The co-ownership type that requires all four unities, & usually comes with the right of survivorship joint tenancy This unity refers to co-owners that are, for legal purposes relative to ownership of the property, a single indivisible unit unit of person does community property only apply to real estate?no - community property can apply to both real property (like houses) and personal property (like appliances).This means that if one co-owner dies, their share goes to their heirs, not the rest of the co-owners.Right of Inheritance The legal concept was that all property acquired during a marriage is acquired due to the shared effort of both partners. Therefore, it's equally owned by the two of them.community property When an estate is held in severalty, it means what?that the property has only own owner, whether that is a person, corporation, or other legal entity.A group of conditions associated with co-ownershipunities of co-ownership T/F - Tenancy in common does not require the unity of interest true - instead, co-owners can own unequal shares. an example would be 80/20 or 50/25/25, though they all have an equal right to use the property because of the undivided interest that comes along with tenants in common In states that do not recognize tenancy by the entirety or community property, what should a real estate agent NOT do?-explain to married couples moving from another state that their state doesn't recognize community property or tenancy by the entirety-legally advise married couples on how to take title-ensure married couples realize they must decide how to take title-advise married couples to speak to a lawyer about how they will take title Real estate agents should not advise couples how to take title - that's a job for a lawyer.When a joint tenant (co-owner) transfers their owenrship while still alive, what type of ownership with the new co-owner have?The original co-owners remain in their joint tenancy arrangement; the new guy has ownership of their share as a tenant in common relative to the rest of the gang. This is because a joint tennacy requires that the unities of time & title., &the new guy can't be a part of the original agreement.T/F - if an estate is held in severalty, that person/entity can sell the property, hold it, rent it, will it to someone else upon their death, or do what they please with it, without the permission of anyone else.true - severalty is the sole ownership of a property this unity of co-ownership that speaks to the requirement of co-owners to acquire their ownership or interest at the same tie.unity of time T/F - unity of title & unity of time naturally co-existYes - Adherence to this unity will naturally cause adherence to unity of time, so these unities co-exist.What type of interest does tenancy in common require?the unity of possession (also called undivided interest) - it means that each co-owner has the right to use the entire property, regardless of what proportion of the property they

own.T/F - you are able to change who is in a joint tenancyF - you can't change who is in a joint tenancy agreement without dissolving the agreement (which is called partition)