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 type of property ownership is shared version tenancy or joint tenancy. Two or more people must own property at the same time and in equal shares. Furthermore,the four types of unity must be present for this type of ownership to exist. The units include interest, possession, time and title. It is strictly necessary that all units must be in line
Interest to a piece of property from both parties should be similar for joint ownership to take place. This is the unity of interest. One individual cannot for example want to sell property while another has the interest of loaning the same property. They all have to be on the same page for unity of interest to be valid.
Unity of time is also taken into consideration by in joint ownership. As its name implies, this factor requires that all parties acquire an equal share of the property at the exact same time.If one acquired an apartment then a month later conveys one-half interest to another person, it is not possible to receive the same title. Instead, they will be tenants in common.
If owners of a certain piece of property acquired a document stating the ownership of property by the same instrument, the unity of title is said to exist. This documents can be deeds, wills, trusts or any document showing ownership. Additionally individuals can become 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.
Other forms of ownership include tenancy in eternity where the owners are husband and wife. Here, neither spouse can sell property without the consent of the other and if one dies the other assumes their interest automatically. It differs with community ownership, where every spouse has a different beneficiary in the event the die. All types of ownerships are based on present interests and rights. Future interests may exist and come into effect based on a contingency such as wills.
One type of property ownership is shared version tenancy or joint tenancy. Two or more people must own property at the same time and in equal shares. Furthermore,the four types of unity must be present for this type of ownership to exist. The units include interest, possession, time and title. It is strictly necessary that all units must be in line
Interest to a piece of property from both parties should be similar for joint ownership to take place. This is the unity of interest. One individual cannot for example want to sell property while another has the interest of loaning the same property. They all have to be on the same page for unity of interest to be valid.
Unity of time is also taken into consideration by in joint ownership. As its name implies, this factor requires that all parties acquire an equal share of the property at the exact same time.If one acquired an apartment then a month later conveys one-half interest to another person, it is not possible to receive the same title. Instead, they will be tenants in common.
If owners of a certain piece of property acquired a document stating the ownership of property by the same instrument, the unity of title is said to exist. This documents can be deeds, wills, trusts or any document showing ownership. Additionally individuals can become 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.
Other forms of ownership include tenancy in eternity where the owners are husband and wife. Here, neither spouse can sell property without the consent of the other and if one dies the other assumes their interest automatically. It differs with community ownership, where every spouse has a different beneficiary in the event the die. All types of ownerships are based on present interests and rights. Future interests may exist and come into effect based on a contingency such as wills.