Topic 2: CoOwnership
Topic 2: CoOwnership Coownership: • Ownership of an interest in land by more than one person at the same time • Does not refer to any physical subdivisions of the property
1.
Types of Coownership a. Joint Tenants i. Definition •
A joint tenancy is where two or more persons simultaneously hold an interest in the same parcel of land, where the two distinguishing features are apparent: the right of survivorship and the four unities.
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Joint tenants are said to hold per my et per pour tout (for nothing and for all) meaning that no JT has any individual share, but that each has a right, with the other JT, to the whole of the property
•
Despite the fact that a JT does not have an individual share, JT’s can freely dispose of their interests to another by severance.
ii. Right of survivorship (‘just accrescendi’) •
The interest of a joint tenant does not form part of his/her estate on death but accrues to the surviving joint tenant(s) the jus accrescendi, or right of survivorship, rule
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Consequence a joint tenant cannot leave his/her interest to another person in his/her will
•
A joint tenant is free, however, to sever the joint tenancy, thereby creating a tenancy in common.
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If they die at the same time: PLA 184 Where two or more persons have died in circumstances rendering it uncertain which survived, such deaths shall be presumed to have occurred in order of seniority and the younger is deemed to have survived the elder.
iii. Requires Four Unities (If one is missing – TIC, if Unity of Possession is missing = NEITHER) 1. Possession each coowner is entitled to possession of the whole property o
Each coowner is entitled to possession of the whole of the property, not exclusively for himself or herself but to be enjoyed together with the other joint tenants
1.
Types of Coownership a. Joint Tenants i. Definition •
A joint tenancy is where two or more persons simultaneously hold an interest in the same parcel of land, where the two distinguishing features are apparent: the right of survivorship and the four unities.
•
Joint tenants are said to hold per my et per pour tout (for nothing and for all) meaning that no JT has any individual share, but that each has a right, with the other JT, to the whole of the property
•
Despite the fact that a JT does not have an individual share, JT’s can freely dispose of their interests to another by severance.
ii. Right of survivorship (‘just accrescendi’) •
The interest of a joint tenant does not form part of his/her estate on death but accrues to the surviving joint tenant(s) the jus accrescendi, or right of survivorship, rule
•
Consequence a joint tenant cannot leave his/her interest to another person in his/her will
•
A joint tenant is free, however, to sever the joint tenancy, thereby creating a tenancy in common.
•
If they die at the same time: PLA 184 Where two or more persons have died in circumstances rendering it uncertain which survived, such deaths shall be presumed to have occurred in order of seniority and the younger is deemed to have survived the elder.
iii. Requires Four Unities (If one is missing – TIC, if Unity of Possession is missing = NEITHER) 1. Possession each coowner is entitled to possession of the whole property o
Each coowner is entitled to possession of the whole of the property, not exclusively for himself or herself but to be enjoyed together with the other joint tenants
