Co-Ownership Interests

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Co-Ownership Interests by Mind Map: Co-Ownership Interests

1. Under common law, Joint tenancy was presumed. Now a tenancy in common is presumed.

2. Rights between Tenants

2.1. Possession, Ouster and Payment of Rent

2.1.1. As the co-tenant uses whole property absent an ouster, does not owe rent to the co-tenants

2.1.1.1. If ouster occurs, other tenants are being prevented from occupying.

2.2. Contribution

2.2.1. Sought to demand cotenants pay pro-rata share of expenses

2.2.1.1. Taxes Interest and income

2.2.1.1.1. If no one is using tenant who pays taxes or interest may request contribution from the others.

2.2.1.1.2. occupying tenant to pay as principal beneficiary

2.2.1.1.3. Non payment would result in foreclosure

2.2.1.2. Mortgage Principal

2.2.1.2.1. If paid when due or past due can seek contribution

2.2.1.3. Repairs and maintenence

2.2.1.3.1. Not allowed to bring contribution, even if necessary

2.2.1.4. Improvements

2.2.1.4.1. No duty to improve and no duty to force contribution.

2.3. Accounting

2.3.1. An indirect reimbursement

2.3.1.1. Maintains records and furnishes copies to co-tenants as to incomes and expenses from renting to a third party

2.3.1.1.1. May off set income with expenses

2.3.1.1.2. Not including compensation for managing

2.4. Final settlement on sale

2.4.1. Co-tenant who expends may be reimbursed from sale.

2.5. Tax sales and foreclosure

2.5.1. Co-Tenants share excess proceeds from such sales

2.6. Adverse possession

2.6.1. In the event a co-tenant is attempting to adversely possess, must notify other tenant

2.6.1.1. A writing is nice, but not required

2.6.1.2. Ouster alone is insufficent

3. Partition

3.1. a petition to the court to split property to separate tenancy

3.1.1. Statutory in Nature

3.1.1.1. Began as cause of action

3.1.2. Partition in Kind

3.1.2.1. Least Upset, doesnt forec the sale.

3.1.2.2. If not into parcels of equal value owelty is created, where overvalue is paid to the undervalued acquired land.

3.1.3. Partition by sale

3.1.3.1. Property sold, proceeds split by tenants

3.1.3.2. Judicial discrimination to administer as a matter of equity

3.1.3.2.1. still subject to contribution and accounting.

3.1.3.3. Partition forced by law and agreements to limit will be strictly construed

3.1.3.4. Owelty- the overvalue is paid to the undervalued portion of the land.

4. Dower

4.1. Common law concept.

4.1.1. Wife held a claim of life estate in 1/3 share of all real property was solely and beneficially seised in fee simple during marriage

4.1.1.1. available from the moment of marriage.

4.1.1.1.1. Dower house and lands part of the marriage ceremony

4.1.1.2. any interest in land became unnamed dower

4.1.1.3. exists modernly to maintain social position

4.1.2. Could not be defeated by selling or mortgaging the property

4.1.2.1. Only spouse can release her dower by deed.

4.1.3. Elements

4.1.3.1. Valid Marriage

4.1.3.2. Sole and beneficial sesin of the decease spouse of property any time during the marriage.

5. Types

5.1. Tenancy In Common

5.1.1. Separate but undivided ownership interest in property, may be fractional

5.1.1.1. Each holds equal right to possess the whole and share in rents and appreciation of value.

5.1.1.1.1. For the purposes of sale, presumed to own in amount contributed to purchase, but presumption is rebuttable

5.1.2. Most common

5.1.3. Both enjoy the unity of possession

5.1.4. Alienable, intervivos

5.1.5. Divisible

5.1.6. Descindible

5.2. Tenancy by Entirety

5.2.1. Husband and wife own as a unit.

5.2.1.1. Must have the 4 unities of Joint Tenancy, plus a valid mariage

5.2.2. Creates right of survivor-ship in the surviving spouse

5.2.3. Not Descindible (No passage by will)

5.2.4. One spouse cannot unilaterally convey share w/o spouse also doing so

5.2.5. Destroyed when

5.2.5.1. Death of spouse

5.2.5.2. Both spouses consent to conveyance

5.2.5.3. Upon divorce (Severance of the unity of marriage)

5.3. Joint Tenancy

5.3.1. Joint tenants with equal division of the property

5.3.1.1. No fractional shares

5.3.2. Requires 4 unities (without all four, tenancy in common is created and removes right of survivor ship)

5.3.2.1. Time

5.3.2.1.1. Vest at same time

5.3.2.2. Possession

5.3.2.2.1. right to possess the whole property

5.3.2.3. Title

5.3.2.3.1. Aquire title in the same deed or will

5.3.2.4. Interest

5.3.2.4.1. must own equal shares of same estate

5.3.3. Right of Survivorship

5.3.3.1. if cotenant dies, then the survivor owns the property outright.

5.3.4. Not divisible

5.3.5. Alienable

5.3.6. Descindible

5.3.7. Severance

5.3.7.1. When one or more unities is destroyed, joint tenancy is severed and becomes a tenancy in common.

5.3.7.1.1. This can occur voluntarily or involuntarily