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.
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.
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.
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 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 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.
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.
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 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.
No comments:
Post a Comment