© 2012 cengage learning. forms of ownership chapter 4

© 2012 Cengage Learning

© 2012 Cengage Learning

Forms of OwnershipChapter 4

© 2012 Cengage Learning

In This Chapter You will look at how a given right or

interest in land is held by one or more individuals. Topics covered: sole ownership, tenants in common, joint tenancy, tenancy by the entirety, & community property.

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Ownership Sole ownership

estate in severalty “severed” (separated) ownership

Tenants in common undivided interests no right of survivorship

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AA BB CC

AA BB C’s heirsC’s heirs

One parcel of land;Three owners with unity of possession

What happens if C dies?

Tenants in Common

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Ownership Joint tenancy

unities of time, title, interest, and possession right of survivorship

Tenancy by the entirety Community Property Right of survivorship

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AA

CC

Joint Tenancy with Right of Survivorship

AA BB CCOne parcel of land;

Three owners, four unities (PITT):Possession, Interest, Time, Title

If C dies?

BB

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Community Property Community Property

Property acquired after marriage Separate Property

Property acquired prior to marriage Acquired by gift Acquired by separate funds By written agreement

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Ownership Partnership

general Limited Limited liability joint venture

Corporation subchapter S

Trusts

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Methods of Holding Title

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Key Terms Association Community property Estate in severalty Financial liability Joint tenancy Joint venture

Limited Liability Company

Partnership Right of

survivorship Tenants in common Undivided interest