Week 8 Property Notes: Co-Ownership and Marital Interests

Co-Ownership and Marital Interests

A. Common Law Concurrent Interests I. Types, Characteristics, Creation A. Tenancy in common 1. 1.Tenants in common have separate but undivided interests in property; the interest of each is descendible and may be conveyed by deed or will. 2. There are no survivorship rights between tenants in common. 3. Each tenant owns an undivided share of the whole B. Joint Tenants 1. Have the right of survivorship 2. By common law both tenants together are regarded as a single owner 3. Each owns the undivided whole of the property 4. Four unities are essential Time: the interest of each joint tenant must be acquired or vest at the same time Title: All joint tenants must acquire title by the same instrument or by a joint adverse possession. A joint tenancy can never arise by intestate succession or other act of law Interest: All must have equal undivided shares and identical interests measured by duration Possession: Each must have a right to possession of the whole. After a joint tenancy is created however one joint tenant can voluntarily give exclusive possession to the other joint tenant C. Tenancy by the entirety 1. Can only be created in husband and wife 2. The Four unities, plus unity of marriage must be present; surviving tenant has the right of survivorship