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CO-OWNERSHIP - Coggle Diagram
CO-OWNERSHIP
Joint Tenancy
Joint tenancy arises whenever land is conveyed to two or more persons without indication that they are to take distinct shares.
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Between the co-owners they have separate rights BUT against all other persons, they act as one singular tenant against others.
Characteristics:
Unity of possession
the possession of the land is vested in all the joint tenants and none of them holds any part of it to the exclusion of the others.
All the joint tenants can possess the land together.
Unity of Interest
the interest of each joint tenant must be the same in quantity, the same in duration, and of the same nature and extent
Unity of Time
all the joint tenants must take the land at the same time, the transfer of the property to them must be at the same time
Unity of Title
all the joint tenants together constitutes a single tenant and each derives his title from the same act or instrument
Rule of Survivorship
upon the death of one joint tenant, his interest automatically passes to the surviving joint tenants
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If unable to determine who died first, the older tenant is presumed to die first, thus the younger tenant can pass the ownership down to his descendants.
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What is it?
Co-ownership is a situation whereby two or more people purchase or lease a property at the same time
Tenancy-in-Common
arises whenever land is conveyed to two or more persons with indication that they are to take distinct shares
This is through the use of words of severance, including “equally”, “share and share alike”, “to be divided between”, “in the ratio of”, “between”, “among”.
Tenant-in-common are entitled to a notional share of the property which they can dispose of at anytime of ownership.
Characteristics:
Unity of Possession
the possession of the land is vested in all the joint tenants and none of them holds any part of it to the exclusion of the others.
All the joint tenants can possess the land together.
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