Real Estate: Concurrent and Joint Tenancy

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a concurrent estate?

An estate passed down through generations

An estate shared by two or more persons in real property (correct)

An estate owned by a single person

An estate that is leased to tenants

What interest do co-tenants have in a tenancy in common?

Undivided interest in whole property with no right of survivorship.

What does unity of possession mean?

Each tenant in common has the right to possess the whole of the property.

Are tenancies in common devisable?

Yes Signup and view all the answers

What is joint tenancy?

Form of concurrent ownership where each co-tenant owns an undivided interest in the whole property with a right of survivorship. Signup and view all the answers

What are the four unities required for a joint tenancy?

Unity of time, unity of title, unity of interest, and unity of possession. Signup and view all the answers

What happens if one joint tenant conveys their interest?

The joint tenancy is severed. Signup and view all the answers

What is tenancy by the entirety?

Form of ownership reserved for married couples with undivided interest and a right of survivorship. Signup and view all the answers

Which theory describes a mortgage's effect on joint tenancy?

Title theory Signup and view all the answers

What must happen for a lease to be considered legally binding?

It must be created expressly, orally, or in writing. Signup and view all the answers

What is a periodic tenancy?

A lease that continues from period to period until notice is received Signup and view all the answers

A tenant's duty to pay rent is relieved if the premises are ______.

destroyed Signup and view all the answers

A tenant may not commit ameliorative waste.

True Signup and view all the answers

What is the implied warranty of habitability?

Guarantees that the landlord will deliver and maintain premises safe, clean, and fit for human habitation. Signup and view all the answers

What rights does a tenant have if a landlord breaches the implied warranty of habitability?

T may treat lease as canceled, seek money damages, and be excused from further performance. Signup and view all the answers

Study Notes

Concurrent Ownership

Concurrent estate: Shared ownership of real property by two or more persons.
Tenancy in common: Co-tenants own undivided interests in the entire property without a right of survivorship; often the default form of ownership.
Unity of possession: All tenants in common have equal rights to possess the entire property.

Joint Tenancy

Joint tenancy: Co-tenants own undivided interests with a right of survivorship, meaning the surviving tenant absorbs the deceased tenant's interest.
The four unities required for joint tenancy: time, title, interest, and possession.
Transferring joint tenancy can either be voluntary or involuntary but affects the right of survivorship.
Severance of joint tenancy occurs if one tenant conveys their interest, disrupting the required unities.

Tenancies

Tenancy by the entirety: Form of concurrent ownership applicable only to married couples, providing each spouse with an undivided interest and survivorship rights.
Various types of leases exist: term of years, periodic, at will, and tenancy at sufferance.
Term of years lease: Defined beginning and end; no notice needed for termination. Periodic tenancy: Continues from one period to the next until notice is provided.

Tenant Duties and Rights

Tenants must pay rent, with common law requiring payment even if the property is destroyed, though modern rules relieve tenants from this duty if the entire premises are destroyed.
Tenants must not commit waste and maintain the property. Landlords traditionally have no duty to repair unless explicitly stated.
Tenants have the right to seek contribution from co-tenants for mortgage or tax payments exceeding the rental value.

Landlord Rights and Obligations

Landlords must deliver possession at lease commencement, with English rule requiring actual delivery and American allowing legal delivery.
Remedies for landlord breaches include eviction and seeking damages.
Tenants may abandon premises without notice if they vacate with no intention to return; landlords have options to retake premises or mitigate damages.

Implied Warranty of Habitability

Guarantees that landlords will maintain premises in a safe and clean condition. Tenants must notify landlords of defects and allow reasonable time for repairs to claim a breach.
Tenants may seek various remedies if the warranty is breached, including canceling the lease or seeking damages.

Covenants and Rights

Covenant of quiet enjoyment protects tenants from landlord disturbances during their possession.
Actual eviction relieves tenants from rent liability, while constructive eviction requires landlords to substantially interfere with the tenant's enjoyment of the premises.

Rule Against Perpetuities

Applies to certain future interests in property, requiring that these interests must vest no later than 21 years after a life in being.
Examples of interests violating this rule include contingent remainders in grandchildren or children who may not take until long after relevant parties' deaths.

Various Restraints on Alienation

Disabling restraints: Void and prevent any conveyance.
Forfeiture restraints: Valid but not for fee simple estates.
Promissory restraints: Valid for life estates confirming commitments on property conveyance.
Partial restraints are sometimes enforceable based on the circumstances.

Uniform Statutory Rules

Some jurisdictions adopt modifications to the Rule Against Perpetuities, allowing for vesting or termination within 90 years of creation to simplify property transfer and control.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Explore the concepts of concurrent ownership in real estate, focusing on tenancy in common, joint tenancy, and tenancy by the entirety. Understand the rights and responsibilities associated with different forms of property ownership. This quiz will test your knowledge on the fundamentals of these legal structures.