REAL Estate Chapter 2 - CONCURRENT OWNERSHIP ! PDF

Preview

Summary

CONCURRENT OWNERSHIP !...

Description

CHAPTER 2 CONCURRENT OWNERSHIP Real property may be owned by a group of individuals. Ownership of real property by more than one owner creates several legal issues concerning the use, possession, and responsibility of the property among the common owners as well as several legal issues regarding the sale, mortgage, or lease of the real property to a person outside the ownership group. Four basic types of concurrent ownership are recognized in the United States: joint tenancy with right of survivorship, tenancy in common, tenancy by the entirety, and community property. Generally, tenancy by the entirety and community property involve co-ownership of property by a husband and wife. Ownership of real property as tenants in common or by joint tenancy with right of survivorship may involve a husband and wife but may also involve unmarried and even nonrelated parties. Often the tenancy in common ownership is used by commercial investors to own investment property such as an apartment complex or a shopping center. Joint tenancy with right of survivorship and tenancy by the entirety have rights of survivorship, which provide that upon the death of one of the common owners, his or her interest in the property will pass automatically to the surviving owner. Common owners may enter into agreements with each other to better define the rights and relationships among the owners. These agreements are often referred to as cotenancy agreements....