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-All tenants own equal parts of the property.
-right of survivorship
-one tenant may not dispose of the property without the others consent.
- May not decoy his/her interest to his/her heirs.
Tenancy in common
- All tenants own a percentage of the property.
- May decoy their interest to heirs
- No right to survivorship
-All property acquired during marriage by labor of either spouse.
- Husband and wife each own 50%
The reversion of the property to the state when a person dies and has no heirs capable of inherent, or when a property is abandoned.
-interest of real property held for the duration of the life of a certain person.
-Estate measured by life.
Two types of conditions on title
- Condition precedent: creates interest. Comes before the conveyance of title. (comes first)
- Condition subsequent: Defeats interest. Comes after the conveyance of title. (Comes after)
A party can acquire good title to real property by occupying the property continuously for five years. Party must also pay taxes on the property, enclose it, and improve the property.
Right of survivorship
When one joint tenant dies the remaining joint tenants automatically take ownership of the property. The heirs of the deceased owner have no claim or inheritance.
Fee simple in condition subsequent
-Has potential infinite duration but can be terminated or limited, upon occurrence of an event stated in the language of a deed.
-Also called fee simple "defeasible" meaning it can be undone.
"Mineral rights" Owner may use and exploit for himself or lease the rights to others.
A charectaristic of real property that allows to pass or sell property to any one the owner chooses.
Sole & seperate property
Both real and personal property acquired by a spouse before, or after the marriage by gift, devise, or bequest.
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