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Concurrent ownership - Coggle Diagram
Concurrent ownership
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Tenancy by the entirety
only available to married couples (based on doctrine of coverture, which allowed husband complete control of wife's property)
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in most states, spouse can't encumber their interest in property held by the entirety without each other's consent
in most states, creditors cannot attach property held in entirety to go after the debt owed by one spouse
example: if you owe federal taxes, then the government can't put a lien on the property you own in entirety with your spouse
Tenancy in Common
default form of concurrent tenancy if there is ambiguity in how the property is conveyed to multiple owners
each co-tenant only has the right to transfer or encumber the interest unilaterally and devise it or have it inherited in case of intestacy on death
tenants may file to terminate the co-tenancy and divide the property or money from the sale of the property thru partition
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Joint tenancy: unlike tenancy in common, joint tenancy has right of survivorship
right of survivorship: when the joint tenant dies, the property interest is immediately transferred to the remaining tenants in equal shares
if joint tenant tries to devise their ownership, this won't have any effect because doesn't have right to devise
right of survivorship Is contingent because a joint tenant can destroy the right of ownership of fellow owners (this can be done if they transfer their interest to a third party)
if one of the joint tenants transfers their interest then the relationship between the seller and the rest of the joint tenants becomes one of tenants, however, the relationships the rest of the tenants have with one another will continue to be joint tenacy