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Forms of Ownership
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Chapter 4
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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.
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
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