Shared Ownership

Question 1

Question for joint ownership

Answer 1

what happens to the property when the co owner dies

Question 2

concurrent estates

Answer 2

• Refer to situations where two or more people hold ownership interests in the same piece of property at the same time
• Each person has a right to possess and use the whole property, even though their ownership shares may differ

Question 3

joint tenancy

Answer 3

two or more people together own the same interest
- always expressly created, it is never created by implication

Question 4

two main features of joint tenancy

Answer 4

1. four unities
2. clear intention via the right of survivorship

Question 5

how many unities need to be present for joint tenancy

Answer 5

all!

Question 6

unity of possession

Answer 6

All joint tenants have the right to possession of the entire property that is the subject of the joint tenancy

Question 7

unity of interest

Answer 7

• Requires that the interests of the joint tenants are the same in extent, nature and duration
• There will be no joint tenancy if one person’s interest is subject to a condition subsequent and another indefeasibly vested!
  50/50 or 25/25/25/25 but not 60/40

Question 8

unity of title

Answer 8

• Title must be derived from the same document or occurrence
• Under the same instrument

Question 9

unity of time

Answer 9

title was conveyed at same time

Question 10

exception to unity of time

Answer 10

• unity of time is NOT required for a joint tenancy created by a gift of land to the children born to A, even though the children’s interests will each vest at the time of their respective births – there is no clear reason as to why that exception is permitted
• “To A for life, remainder to the children of A as joint tenants”
• It creates a joint tenancy for those children who vest, even if they do so at different times, as each is born

Question 11

if one of the unities is missing it creates

Answer 11

a tenancy in common

Question 12

right of survivorship

Answer 12

• if one of the joint tenant dies, the remaining joint tenants automatically split that interest
• Automatically passes to the survivors in equal shares as a matter of law

Question 13

right to survivorship with a will

Answer 13

• Co-tenant will benefit from the survivorship right even if there is a will to a third party
  ○ IE the survivorship right will prevail!!
• The last survivor will own the ENTIRE INTEREST

Question 14

right of transfer (alienation)

Answer 14

• Each joint tenant can sell or transfer their own share without the consent of the others (voluntary disposal of property)
• However the joint tenancy is severed with respect to that share when a joint tenant transfers their interest to another person and the transferee is not a joint tenant with the others
• The transfer destroys the unities of time and title. This happens because the new owner (transferee) does not acquire the property in the same way as the original joint tenants. The transferee is getting a different title at a different title at a different time from the others

Question 15

impact of property transfer on joint tenancy

Answer 15

• While joint tenants retain the right to alienate their interest (voluntary dispose of the property), the transfer of the possession will sever the joint tenancy and the transferee is not a joint tenant with the other.
• The transfer destroys the unities of time and title. The transferee is getting a different title at a different time from the others

Question 16

tenancy in common

Answer 16

• where two or more persons hold distinct/separate shares in the same parcel of land
• The four unities are not present/have been severed
• The only unity requirement is UNITY OF POSSESSION of whole of land (no unity in interest, title or time)
• There is NO right of survivorship

Question 17

joint tenancy v tenancy in common

Answer 17

• Since there’s no right to survivorship, a tenant in common can freely pass the property during their life time or after death through a will (the beneficiary becomes a new tenant in common with the others)
• If there is no will, the share transfers by the laws of intestacy

Question 18

determination of joint tenancy v tenancy in common

Answer 18

• If you don’t see words like “equal” “joint tenants” “or its clear that its 50/50, or 33 x3” then its not joint
• If the document is silent/absence of clear intent ASSUME TENANCY IN COMMON