co-tenancy This is a topic that many people are looking for. newyorkcityvoices.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, newyorkcityvoices.org would like to introduce to you Land Law – Co-ownership 1 – Severance Part 1. Following along are instructions in the video below:
“To los sessions. I am. Jennifer house and in this session. We will review the the topic of co ownership and in particular.
We will focus on severance in another of course. We will review co ownership as it released relates to truss of lan. But in the next hour or so our primary focus will be on corner ship. And how it operates in the context of severing.
The joint tenancy into a tenancy in common but first we want to start with the basic definition. And what exactly we mean when we speak of co ownership. Now corner ship is a situation. Where in land low.
Two or more people hold an interest concurrently in the same piece of land. Now you can have a situation. Where there is express co ownership. So the land is sold or transferred conveyed that is remember what i said about conveyed.
When an examiner says that it is usually by deed. So you can have a situation where under expressed ownership. The land is conveyed to two or more persons by an express act. So it is actually drafted in terms of the two persons namely the legal owners being placed on the deed.
Equally let s assume the the sale for example is by an agreement which might then take it into the realms of being an equitable transfer again. If it is that expressly on the transfer..
It states the name of the two legal owners. Then what you have is of course. A joint tenancy and co ownership. Well there are two main types of corner ship.
There s the joint tenancy and there s the tenancy in common now the joint tenants and a tenancy in common defines. The two ways that people may own land concurrently. Now when we talk about joint tenancy and tenancy in common it speaks to the way persons can own land or hold an interest in land. What it doesn t say is that this is legal or this is equitable.
Because joint tenancy can operate both at law and in equity as we ll discuss later on. But the first thing to consider is the way that two or more people can own land or owned. An interest in land. And that is that they hold it as joint tenants or they hold it as tenancy in common now.
Let s consider first of all what is meant by joint tenancy. Well the thing with land law. Sometimes is that the words use do not necessarily reflect what it is so when we think of tenancy immediately it conjures up somebody being a wreck or a renter that is not what it means tenancy looks at the way. The property s held and tenancy can be joint or tenancy can be in common.
So. The word tenancy simply means here. How it is held so in a joint tenancy. The co owners each artie called a tenant holds jointly it means that they hold as one unity.
It means they hold as one person. And it s interesting because in english common law as it talks about joint tenancy..
You have that there was a period in time where you even had what was called tenancy by the entirety. Which nowadays for example in your new york jurisdiction. They still have something like that which operates us between husbands and husband and wives. Which is that there s a tenancy by the entirety.
But for english land law. What we re looking at here is that you have two persons holding as one unity. So what happens in a joint tenancy is that you do not have a separate individual share in the land. Rather each person owns the whole as it were now.
The main feature of the joint tenancy is that what is called the four unities must be present now the four unit is i will go into further. But in order to create a joint tenancy. The co owners must of course ensure that this principle of the four unities is present an easy acronym of course to remember the four unities is pit p. Itt and that is possession interest time and title.
Because those are the four interests. You must be the interests among the corners as to possession. They must jointly hold in respect of the same interest. They must have got it at the same time and they must have got their interest in the same title.
Now let s look at these. Then as it relates to the unity of time the corners must have acquired the property at the same time now you will see later on when we discuss for example tenancy in common that the idea is that a tenant in common can actually acquire an interest in land at a later time than other persons within the same ownership of the property. But because he s acquired at a different time he simply cannot be a corner. Who is joint.
So for joint tenancy time says they must acquired it at the same time they must have acquired it in the same title to the property. So if a condition applies to one owner and not to another there is no unity of title..
They must have gotten it in respect of the same interest. So the corners must have the same interest in the property. So for example. One corner cannot have a life estate and another corner have a fee simple absolute in possession.
The corners must have an equal right to possess and that is the last requirement possession must have been that they have an equal right to possess if any of these elements is missing. The joint tenancy is ineffective and the joint tenancy will be treated as a tenancy in common in equal shares. Dependent on how you take the district. The discussion forward what then is the effect of joint tenancy.
Well the point of the joint tenancy is that everyone takes as a whole. So nobody has an individual shear. The joint tenancy rests on what is called the right of survivorship or yes a crescendo and yes occurs and i says that if any one of the joint tenant dies. His interest will automatically survive.
Meaning that it will vest a or pass to the other joint tenants. Now. This is of course. The common law and so the problem with the joint tenancy is that if you and i own black acres joint tenants you do not have an interest separate from mine you hold and own the whole in the same way that i hold and owned the whole the point being that if you pass away.
Then your right or any interest that you have will survive to me. But you do not have a freestanding right and equally if i pass so of course whatever rights. I may have survived to you the problem of course is that in a joint tenancy situation you get a kind of lottery effect. Which means that you re looking at the last man standing.
So it is really a survival of the fittest type scenario. Because if four person s own as joint tenants..
Then if you are looking at those four persons as a b c. And d. When a dies. It now survives to b c.
And d. If b dies. It survives the c and d. And if she dies.
Then d. As the last man standing of course gets the entire property free and clear to himself. So the idea then is the parties do not have an individual interest as i said they hold the whole together and as one tenant dies. Cannot leave his interest in the property to his family in a will or otherwise.
Because he doesn t have anything to leave because the property and the way the property s held is such that it is indivisible. And it is certainly not separate. So as to give any party. A shear at all let me come back after this brief break.
I will then focus on the tenancy in ” ..
Thank you for watching all the articles on the topic Land Law – Co-ownership 1 – Severance Part 1. All shares of newyorkcityvoices.org are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.
description:
tags:
