Slide Set Twelve: Real Property – Shared Land Interests

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Presentation transcript:

Slide Set Twelve: Real Property – Shared Land Interests

Last Class: We began to discuss Real Property Concepts - Real Property – The Basics - Definitions of Real Property - The Importance of Real Property - Nature of Interests in Real Property - Possessory Estates vs. Non Possessory - Estates in Time – Duration of Rights - Collection of Rights

Tonight’s Class: We will begin to discuss Real Property Concepts - Shared Rights in Land - Tenant in the Entirety - Joint Tenants - Tenants in Common

Shared Rights in Land

Joint Interests/Concurrent Estates - Tenancy in the Entirety By Marital Right – only between husband and wife Right of Survivorship – by operation of law Severance Limited (Death, divorce, agreement, joint creditor execution) - Joint Tenancy Created by unity of time, title, interest and possession Severance Less Limited (Inter vivos conveyance or contract to convey, death, agreement, foreclosure on lien) - Tenants in Common No Right of Survivorship. Freely alienable. Joint ownership based upon percentage. Share and responsible proportionally in all gains and liabilities.

Bonus Questions of the Day For next time – Read Assignments and Cases Question of the Day Questions???