Concurrent Estates
Creation
Joint Tenancy
"To A and B as joint tenants"
or
"To A and B as joint tenants
with right of survivorship"
Most states DEMAND the
inclusion of "with right of
survivorship" or it defaults to
Tenancy in Comon
Unities
- Time (parties get
title at identical
time)
- Title (on the same
deed)
- Interest (with equal
shares)
- Possession (and
right to posses the
whole)
Right of Survivorship:
When one dies, interest
goes to others. Last
remaining gets fee simple.
- Time (parties get
title at identical
time)
- Title (on the same
deed)
- Interest (with equal
shares)
- Possession (and
right to posses the
whole); PLUS
- Legal Marriage
Right of Survivorship:
When one dies, interest
goes to spouse. UNLESS
MURDER -> Slayer statute,
Constructive Trust for
victim's heirs.
Some states require a
"straw-man" purchase to
convey a JT b/w owner
and another, because
prior ownership disrupts
unity of time and title
Tenancy by the
Entirety
Tenancy in
Common
When grant is created
between spouses.
Rights
Default when given to two or Possession. All interests in
more people without right of
ToC are undivided.
survivorship
Possession: Joint Tenants
have complete right to
possession.
Termination
Severance:
1) Conveyance
2) Mortgage?
3) Agreement
4) Simultaneous Death (<
120 hours apart)
5) Slaying
Partition
- Voluntary agreement
- Partition in Kind (where
equitable physical division is
possible)
- Forced Sale (court orders
sale, profits divided
Creditors: Can only access if
propritoinally)
all joint tenants are indebted
b/c the interests are shared
Creditors: Can only access if
both spouses are indebted
b/c the interests are shared
No right of survivorship.
Creditors may take a
single Tenant in
Common's interest and
sell it. The new person is
also a tenant in common.
Right of Contribution:
If a TinC makes repairs,
the others must contribute
financialy if she gives
them notice of need for
repairs.
NO DUTY TO contribute
to improvements
Affirmative duty not to
waste.
Divorce (becomes tenancy
in common)
or
Death (fee simple in
survivor)
or
Unilateral Transfers?
Transferable Inter-Vivos But cannot be devised or
descended
If grantee is NOT already
joint tenant, her portion
becomes a tenancy in
common with joint tenants,
while remaining jt's have jt
b/w themselves
CANNOT transfer interest,
except to other spouse
(which destroys the TbtE)
To transfer interest to 3rd
party, both husband and wife
must sign
Conveyance to Spouse
(merger of estate into fee
simple absolute)
Partition
- Voluntary agreement
- Partition in Kind (where
equitable physical division is
possible)
- Forced Sale (court orders
sale, profits divided
propritoinally)
Each individual's interest
is descendible, devisible,
and transferable inter
vivos.
Grantee becomes tenant in
common.