Ownership of property may seem like an easy subject but it is really a complex matter. The real estate law recognizes very many types of ownership. Each type is referred to as tenancy program and there are quite a few. This may be particularly useful to those who want to venture in the real estate business whether buying or selling property. Knowing this will help you understand what to expect in your real estate ventures.
One of the types of property ownership is shared version tenancy or joint tenancy. Here, two or more people own propertyat the same time in equal shares. In addition, the four units must be present for this type ownership to exist. These units include interest, possession, time and title.Therefore, it is necessary that all the party unitesbe in line.
Parties must have the very same interests in a piece of property. This constitutes the unity of interest. Different or conflicting interests nullify joint ownership. One for example cannot have an interest in selling property while another has the interest of loaning the same property. They all have to be on the same boat for unity of interest to be valid.
Joint ownership also has to comply with the unity of time. As the name suggest, individuals must have acquired their share of the property at the same time. For example if a person acquires an apartment then a month later gives half his share to another, they cannot receive the same title for the apartment. They will be tenants in common instead.
If owners of a certain piece of property acquired a document stating the ownership of property by the same instrument, the unity of title is said to exist. This documents can be deeds, wills, trusts or any document showing ownership. Additionally individuals can become joint owners if they acquire a title to a parcel by adverse possession.
Unity of possession requires each joint owner to assume the right to posses the property as a whole. This means in the event one of the owners perishes, the other will assume the other interest automatically and can treat the property as his/her own. In addition, property cannot be sold without the consent of the all the owners.
Other type of ownership is sole ownership. This is where an individual has full control over his/her property. In addition, tenants-in-common kind of ownership is where two or more individuals own property. It differs from joint ownership in such that should one of the owners die, his/her interests are transferred to a beneficiary named in their will.
Other forms of ownership include tenancy in eternity where the owners are husband and wife. Here, neither spouse can sell property without the consent of the other and if one dies the other assumes their interest automatically. It differs with community ownership, where every spouse has a different beneficiary in the event the die. All types of ownerships are based on present interests and rights. Future interests may exist and come into effect based on a contingency such as wills.
One of the types of property ownership is shared version tenancy or joint tenancy. Here, two or more people own propertyat the same time in equal shares. In addition, the four units must be present for this type ownership to exist. These units include interest, possession, time and title.Therefore, it is necessary that all the party unitesbe in line.
Parties must have the very same interests in a piece of property. This constitutes the unity of interest. Different or conflicting interests nullify joint ownership. One for example cannot have an interest in selling property while another has the interest of loaning the same property. They all have to be on the same boat for unity of interest to be valid.
Joint ownership also has to comply with the unity of time. As the name suggest, individuals must have acquired their share of the property at the same time. For example if a person acquires an apartment then a month later gives half his share to another, they cannot receive the same title for the apartment. They will be tenants in common instead.
If owners of a certain piece of property acquired a document stating the ownership of property by the same instrument, the unity of title is said to exist. This documents can be deeds, wills, trusts or any document showing ownership. Additionally individuals can become joint owners if they acquire a title to a parcel by adverse possession.
Unity of possession requires each joint owner to assume the right to posses the property as a whole. This means in the event one of the owners perishes, the other will assume the other interest automatically and can treat the property as his/her own. In addition, property cannot be sold without the consent of the all the owners.
Other type of ownership is sole ownership. This is where an individual has full control over his/her property. In addition, tenants-in-common kind of ownership is where two or more individuals own property. It differs from joint ownership in such that should one of the owners die, his/her interests are transferred to a beneficiary named in their will.
Other forms of ownership include tenancy in eternity where the owners are husband and wife. Here, neither spouse can sell property without the consent of the other and if one dies the other assumes their interest automatically. It differs with community ownership, where every spouse has a different beneficiary in the event the die. All types of ownerships are based on present interests and rights. Future interests may exist and come into effect based on a contingency such as wills.
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