1. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Chapter 2 Concurrent Ownership Joint tenancy with right of survivorship Tenancy in Common Tenants by the entirety Community property

2. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Right of Survivorship

3. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Co-Ownership Chart

4. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Partition A method by which co-owners of real property can divide the common property into separate ownership. Still retain ownership Contrary to sale of property and division of profits

5. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Chapter 17 Condominiums and Cooperatives Condominium Form of property ownership in which the owner secures an individual unit in a multi- unit building and is a tenant in common with other owners of units in the building for common areas

6. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Condominiums and Cooperatives Common areas: portions owned in common with other unit owners for the benefit of all unit owners, e.g., parking, roof, stairs, etc.

7. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Condominium Association Governing body of a condo, the members of which are owners of the condo units. Usually in the form of a nonprofit corporation

8. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Condominium Association (cont.) Looks like a corporation Articles Incorporation Bylaws Officers/directors Ownership interest

9. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Assessment A sum of money to be paid by unit owners for care and maintenance of common areas

10. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Cooperative Form of ownership of real property in which a corporation owns a multiunit building and leases living space in the building to the shareholders of the corporation

11. Copyright 2008 Thomson Delmar Learning. ALL RIGHTS RESERVED. Time-shares Form of ownership of real property in which an owner owns the property for a short period of time, usually one or two weeks per year. Usually for vacation purposes

12. 789 456 123 Scoreboard X O Group X Group 0