Ownership of property may seem like an easy subject but it is really a complex matter. The real estate law recognizes very many types of ownership. Each type is referred to as tenancy program and there are quite a few. This may be particularly useful to those who want to venture in the real estate business whether buying or selling property. Knowing this will help you understand what to expect in your real estate ventures.
One of the types of property ownership is shared version tenancy or joint tenancy. Here, two or more people own propertyat the same time in equal shares. In addition, the four units must be present for this type ownership to exist. These units include interest, possession, time and title.Therefore, it is necessary that all the party unitesbe in line.
Parties must have the very same interests in a piece of property. This constitutes the unity of interest. Different or conflicting interests nullify joint ownership. One for example cannot have an interest in selling property while another has the interest of loaning the same property. They all have to be on the same boat for unity of interest to be valid.
Joint ownership also has to comply with the unity of time. As the name suggest, individuals must have acquired their share of the property at the same time. For example if a person acquires an apartment then a month later gives half his share to another, they cannot receive the same title for the apartment. They will be tenants in common instead.
The unity of title requires that all parties to acquire a document stating ownership of a property by the same instrument. This can be a deed, a will, a trust or any other documents that relay property ownership. In addition, individuals can be joint owners if they acquire a title to a parcel by adverse possession.
For joint ownership to exist, unity of possession must exist. This means that all parties have the right to possess property as a whole. Should one of the parties perish, the other party will automatically assume their interest and treat property as their own. Also important to note is property cannot be sold without consent of both parties.
Sole ownership is another type of ownership. In this arrangement, an individual has full power over a certain piece of property. Another form is the tenants in common ownership where two or more individuals take claim in the same property. In contrast to joint ownership, should one of the parties die, their interests are transferred to abeneficiary named in their will.
Tenancy in eternity is yet another form of ownership where joint owners are spouses. Both spouses have to agree in order for a certain property to be sold and in the event one dies, the other will automatically assume interest of the deceasedspouse. It is very similar to community ownership only that if either one of the spouses die, his/her interests will be transferred to abeneficiary in their will. All the forms of property ownership are present oriented in interests and rights. Future interests however, may exist and can come into effect based on contingency such as wills.
One of the types of property ownership is shared version tenancy or joint tenancy. Here, two or more people own propertyat the same time in equal shares. In addition, the four units must be present for this type ownership to exist. These units include interest, possession, time and title.Therefore, it is necessary that all the party unitesbe in line.
Parties must have the very same interests in a piece of property. This constitutes the unity of interest. Different or conflicting interests nullify joint ownership. One for example cannot have an interest in selling property while another has the interest of loaning the same property. They all have to be on the same boat for unity of interest to be valid.
Joint ownership also has to comply with the unity of time. As the name suggest, individuals must have acquired their share of the property at the same time. For example if a person acquires an apartment then a month later gives half his share to another, they cannot receive the same title for the apartment. They will be tenants in common instead.
The unity of title requires that all parties to acquire a document stating ownership of a property by the same instrument. This can be a deed, a will, a trust or any other documents that relay property ownership. In addition, individuals can be joint owners if they acquire a title to a parcel by adverse possession.
For joint ownership to exist, unity of possession must exist. This means that all parties have the right to possess property as a whole. Should one of the parties perish, the other party will automatically assume their interest and treat property as their own. Also important to note is property cannot be sold without consent of both parties.
Sole ownership is another type of ownership. In this arrangement, an individual has full power over a certain piece of property. Another form is the tenants in common ownership where two or more individuals take claim in the same property. In contrast to joint ownership, should one of the parties die, their interests are transferred to abeneficiary named in their will.
Tenancy in eternity is yet another form of ownership where joint owners are spouses. Both spouses have to agree in order for a certain property to be sold and in the event one dies, the other will automatically assume interest of the deceasedspouse. It is very similar to community ownership only that if either one of the spouses die, his/her interests will be transferred to abeneficiary in their will. All the forms of property ownership are present oriented in interests and rights. Future interests however, may exist and can come into effect based on contingency such as wills.
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