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Forms of Ownership

Chapter 4. Forms of Ownership. In This Chapter. You will look at how a given right or interest in land is held by one or more individuals. Topics covered: sole ownership, tenants in common, joint tenancy, tenancy by the entirety, & community property. Ownership. Sole ownership

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Forms of Ownership

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  1. Chapter 4 Forms of Ownership

  2. In This Chapter You will look at how a given right or interest in land is held by one or more individuals. Topics covered: sole ownership, tenants in common, joint tenancy, tenancy by the entirety, & community property.

  3. Ownership • Sole ownership • estate in severalty • “severed” (separated) ownership • Tenants in common • undivided interests • no right of survivorship

  4. Tenants in Common One parcel of land; Three owners with unity of possession A B C What happens if C dies? A B C’s heirs

  5. Ownership • Joint tenancy • unities of time, title, interest, and possession • right of survivorship • Tenancy by the entirety • Community Property • Right of survivorship

  6. Joint Tenancy with Right of Survivorship A B C One parcel of land; Three owners, four unities (PITT): Possession, Interest, Time, Title C If C dies? A B

  7. Community Property • Community Property • Property acquired after marriage • Separate Property • Property acquired prior to marriage • Acquired by gift • Acquired by separate funds • By written agreement

  8. Ownership • Partnership • general • Limited • Limited liability • joint venture • Corporation • subchapter S • Trusts

  9. Methods of Holding Title

  10. Key Terms • Association • Community property • Estate in severalty • Financial liability • Joint tenancy • Joint venture • Limited Liability Company • Partnership • Right of survivorship • Tenants in common • Undivided interest

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