To own property might seem like a direct thing but it is not as simple. When it comes to real estate, many types of ownership are recognized by law. Each one type is also known as tenancy program and there are quite a few. This may prove to be very useful to those who want to venture into real estate business involving buying and selling of property.
Shared version tenancy or joint tenancy is one type of property ownership. Two or more people lay stake to a piece of property at the same time in equal shares. Additionally they must abide by the four units for this type of ownership to be valid. These units consist of interest, possession, time and title. This four must be perfectly in sync for joint ownership to take place.
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.
For joint ownership to take place, the unity of time has to be present. This implies that parties should acquire an equal share of the property at the same exact time. If an apartment is acquired by a person and a month later decides to give half of the ownership to another, the two will not be given the same title. At this point they are only 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.
If each individual owner has a right to possess a piece of property as a whole, unity of possession is said to exist. In the case one of them dies the other will assume their interest in the property and can treat it as their own. Furthermore, should the prospect of selling the property arise, the property can only be sold with the 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 a special type of ownership where the joint owners are husband and wife. Property cannot be sold without both their consent. Also, should one die, the other spouse assumes their interest on the property automatically. In community ownership though, each spouse can have a different beneficiary to assume their interest should they perish. The basis of ownership is mainly present interests and rights. Future interest can exist and are triggered based on a contingency .
Shared version tenancy or joint tenancy is one type of property ownership. Two or more people lay stake to a piece of property at the same time in equal shares. Additionally they must abide by the four units for this type of ownership to be valid. These units consist of interest, possession, time and title. This four must be perfectly in sync for joint ownership to take place.
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.
For joint ownership to take place, the unity of time has to be present. This implies that parties should acquire an equal share of the property at the same exact time. If an apartment is acquired by a person and a month later decides to give half of the ownership to another, the two will not be given the same title. At this point they are only 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.
If each individual owner has a right to possess a piece of property as a whole, unity of possession is said to exist. In the case one of them dies the other will assume their interest in the property and can treat it as their own. Furthermore, should the prospect of selling the property arise, the property can only be sold with the 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 a special type of ownership where the joint owners are husband and wife. Property cannot be sold without both their consent. Also, should one die, the other spouse assumes their interest on the property automatically. In community ownership though, each spouse can have a different beneficiary to assume their interest should they perish. The basis of ownership is mainly present interests and rights. Future interest can exist and are triggered based on a contingency .
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