Concurrent Ownership

Only available on StudyMode
  • Download(s) : 84
  • Published : May 14, 2013
Open Document
Text Preview
TABLE OF CONTENT
Contents Page

Introduction …………………………………………………………………………………….4 Definitions
Land…………………………………………………………………………………...…6
Concurrent Ownership………………………………………………………………......6Real Property……………………………………………………………………………..6 Concurrent Ownership………………………………………………………………................7 Forms of Concurrent Ownerships……………………………………………………………....7

Joint Tenancy……………………………………………………………………………7
Features of Joint Tenancy…………………………………………………….....7
Tenants in Common…………………………………………………………………….8
Features of Tenants in Common……………………………………………….8
Tenancy by Entirety……………………………………………………………………9
Features of Tenancy by Entirety………………………………………………..9 Analysis
Concurrent Ownership……………..…………………………………………….........11
Advantages: Joint Tenants……………..……………………………………………...13
Disadvantages: Joint Tenants.……...………..……………………………………..….13
How Joint Tenants can be terminated………………………………………….14
Advantages of Tenancy in Common……………………………………………………14 Disadvantages of Tenancy in Common …………………………………………….….16
How Tenancy in Common can be terminated………………………………….17 Advantages Tenant by Entirety…………………………………………………………18 Disadvantages Tenant by Entirety…………………………..………………………….19 How tenancy by entirety can be terminated……………………………………19 Comparative Analysis Concurrent Ownership………………………………………………21 Recommendations……………………………………………………………………………...25 Conclusion……………………………………………………………………………………...27 Appendices

Comparison Table of Concurrent Ownership……………………………………….…29 Reference……………………………………………………………………………………….30

INTRODUCTION
The objective of this report is to examine the statement “The same parcel of real estate can be owned by several individuals concurrently”. In discussing this statement, it is imminent that we analyze concurrent ownership and the different types of concurrent ownerships. According to Laws.com, Concurrent ownership, in real estate and property law, refers to a property that can be owned by more than one person at a given time. It is sometimes also referred to as concurrent estate. The three (3) most common types of concurrent ownership are; 1) Joint Tenancy, 2) Tenancy in Common and 3) Tenancy by the Entirety. Concurrent ownership can be a great solution for people who want to own a home, especially for first-time buyers. But this can limit one’s rights and options, not only while owning the property, but also when you want to transfer ownership to an heir or to another buyer. It is important for persons planning on entering into co-ownership to understand these forms of concurrent ownerships and to know the rights and responsibilities of each party involved. Also, there are advantages and disadvantages that the prospective owners will need to consider when entering into a co-ownership agreement. Each form of concurrent ownership requires a different set of conditions; hence co- owners will have different sets of rights and responsibilities. Some of the factors to consider in concurrent ownership are the right to sell one’s interest in the property to an outside party, the right to will the property and the right of dissolving of co-ownership voluntarily or as a result of death. The right of access is one of the most clearly stated rights that the co-owners have over the property they own.

Co-owners are jointly responsible for all the fees associated with owning a property. Some of these fees may include the mortgage payments, taxes, and maintenance fees. These items can be recorded in a written agreement kept between the two co-owners could also entail additional responsibilities.

Each party has their own unrestricted access over that property. Should one owner decide to dispossess the other for a period of time, the owner that was kept out is entitled to earnings based on the rental value of the property for the time he was kept absent from it. The type of tenancy/ownership the co-owners are involved in can determine what can and cannot happen to that property in terms of attempted...
tracking img