Co-ownership

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  • Created by: Georgia
  • Created on: 24-04-17 19:05

1. What are the 3 circumstances in which equity can be presumed in a TIC

  • where one makes an unequal contribution; business partners acquiring land for business; bankruptcy
  • where one makes an unequal contribution; business partners acquiring land for business; lending money on a mortgage
  • where one makes an unequal contribution; business partners acquiring land for business; severance
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2. Does right of survivorship apply for TIC?

  • No
  • Yes

3. What are the methods of severance?

  • Statutory; Common law; Operation of law
  • Statutory; mutual agreement; operation of law
  • Statutory; common law; mutual agreement

4. what are the conditions for being a legal JT?

  • Be mentally competent and under 75
  • Be willing, mentally competent and over 18
  • Be willing, mentally competent and over 21

5. What is the right of survivorship?

  • As they are “one person” if one dies in a JT then the other becomes the sole beneficiary and retains all of the land, this is known as the right of survivorship. This is not available for TIC.
  • As they are “one person” if one dies in a JT then the other becomes the sole beneficiary and retains all of the land, this is known as the right of survivorship. This is not available for JT
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