A concurrent estate or co-tenancy is a concept in property law that explains the various ways in which a property is owned by more than one person at a time. If more than one person owns the same property, they are often referred to as co-owners. The legal terminology for co-owners of real estate is either a joint tenant or a joint tenant, with the last phrase indicating sustainability rights. The most common legal jurisdictions recognize tenancies in shared and joint tenors, and some also recognize the tenancies as a whole, which is a mutual lease between a married person. Many jurisdictions refer to a joint rental as a lease together with the right of survival, but they are the same, because each shared lease includes the right of survival. In contrast, the joint rental does not include the right of survival.
This type of joint ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetime, but it affects their power to be after-death property for their devisees in the case of joint tenants. However, a mutual tenant can change this by disconnecting the joint rental. This happens whenever a mutual tenant shifts the interest of its fraction on the property.
The law may vary from one place to another, and the following general discussion shall not apply in its entirety to all jurisdictions.
Video Concurrent estate
Rights and obligations of co-owners (general)
Under common law, Shared owners share a number of rights by default:
- Each owner has unlimited rights from access to the property. When one owner unlawfully excludes another from using the shared property, the excluded owner's partner may bring the cause of action for dismissal . As a remedy, the court may grant the wrong owners the wrong value of the rental property for the time they were deposed.
- Each owner is entitled to accounting of the profits made from the property. If the property generates any revenue (eg Rent, agriculture, etc...) each owner is entitled to a pro rata portion of that income.
- Each owner has a contributed right to the cost of ownership of the property. Co-owners can be forced to contribute to the payment of fees such as property taxes, maintenance and necessary repairs or mortgages for the entire property.
Contribution and improvement
Co-owners generally have no obligation to contribute to any cost to increase property. If one of the co-owners adds a feature that increases the value of the property, the co-owner does not have the right to ask someone else to share the cost of adding the feature - even if the other co-owner gets more than the property because I do not. However, on the partition, a co-owner is entitled to recover the value added by his repair if "repair" results in an increase in property values. Conversely, if the "increase" of the co-owner downgrades the value of the property, then the joint owner is responsible for the decline. In the case of Australia, the High Court said that the cost of repairs by one co-owner must be taken into account on the partition or final distribution (ie sale) of the property.
Mortgage
In addition, each fellow owner may independently charge the owner's own portion of the property by taking out a mortgage on the shares (although this can effectively convert a joint rental into a joint rental, as described below); other co-owners have no obligation to help pay a mortgage that just runs into other property owners' sections, and mortgageers can only close that part of the mortgage. Bank loans secured by mortgages on shares of individuals belonging to joint property are one of the fastest growing areas in the mortgage lending industry.
Finally, co-owners owe each other a fair duty. Therefore, any associate owner who acquires a mortgage claim against property must provide a reasonable opportunity for the owner to purchase a proportional share in the claim.
Maps Concurrent estate
Tenancy together
The same tenancy is a concurrent estate form in which each owner, referred to as a joint tenant, is considered by law as the owner of a separate and distinct part of the same property. By default, all co-owners have the same parts, but their interests may vary in size.
TIC owners have a percentage in an undivided property rather than a specific unit or apartment, and their deeds show only the percentage of their ownership. The rights of certain TIC owners to use a particular residence come from written contracts signed by all joint owners (often called "Tenancy In Common Agreement"), not from deeds, maps or other documents recorded in regional records. This form of ownership is most common where co-owners are not married or have contributed in different amounts to the purchase of the property. The combined commercial partnership assets may be held as a joint rental.
The same tenant has no right to survive, which means that if one shared tenant dies, that the tenant's interest in the property will be part of his property and passed on by the inheritance to the owner or his heirs, either by will, or by a will. succession. Also, since each tenant has an interest in the property, they can, in the absence of agreed restrictions between all the same tenants, sell or deal with property interests (eg, mortgage) during their lifetime, like other property interests.
Destruction of shared rentals
Where each party with the same status wishes to terminate (usually called "destroy") of mutual interest, it may obtain a property partition . This is a clear division of land into lands, if such shares are legally permitted under zoning and other local land use restrictions. Where such a division is not allowed, the forced sale of property is the only alternative, followed by revenue sharing. (This paragraph does not apply in English and Wales law)
If the parties can not approve a partition, one or all of them may seek a court decision to determine how the division of land - the physical division between the joint owner (partition in form), leaves each with the ownership of the part of the property representing his share. The court may also order a partition with a sale on which the property is sold and the proceeds distributed to the owner. If local law does not allow physical divisions, the court must order partitions with sales.
Each fellow owner is entitled to partition as a rights issue, which means that the court will order the partition at the request of one of the co-owners. The only exception to this general rule is where joint owners have agreed, either express or implied, to override partition rights. Rights may be exempted either permanently, for a specified period of time, or under certain conditions. The court, however, is unlikely to uphold this waiver because it is a restraint on alienation of property.
Shared rentals
A joint rental or rental together with a survival right (JTROS, JTWROS, or JT TEN WROS) is a common type of land where the joint owner has a survival rights , meaning that if one owner dies, the property owner's interest will passed on to the surviving owner or owner by living the law, and avoiding the will. The interest of the deceased owner on the property only evaporates and can not be inherited by his heirs. Under this type of ownership, the last owner who lives has all the property, and on his death, the property will be part of their property. Unlike a joint rental, where a co-owner may have an unequal interest in a property, co-owners share an equal share in the property.
It is important to note, however, that the creditor's claim to the estate of the deceased owner may, in certain circumstances, be fulfilled by the portion of ownership previously owned by the deceased, but now owned by survivors or survivors. In other words, the obligations of the deceased can sometimes remain attached to the property.
This form of ownership is common between wives and husbands, and parents and children, and in other situations where parties want ownership to pass quickly and automatically to survivors. For bank accounts and brokers held in this manner, the JTWROS acronym is usually added to the account name as evidence of the owner's intent.
To create a shared rental, a clear language indicates that intent should be used - e.g. "to the AB and the CD as a tenant along with the survival rights, and not as a joint tenant". This form of long words may be most appropriate in jurisdictions that use the phrase "joint rental" as synonymous with a joint rental. Shorter forms such as "to AB and CD as shared tenants" or "to AB and CD together" can be used in most jurisdictions. The words for such effects may be used by parties to the deed of transport or other property transfer instruments, or by the testator in a will, or in the form of inter vivos guardianship.
If an inheritor leaves the property in a testament to several beneficiaries "together" and one or more of the intended beneficiaries dies before applying, survivors of the named beneficiaries shall inherit all property under a joint rental. But if the aforementioned beneficiaries have left the property on a rent-based basis on the same basis, but dying before the will is valid, then the beneficiary's heirs will inherit their portion immediately (beneficiaries named dead).
Four shared rental units
To create a shared rental, the co-owner must share " four entities ":
- Time - co-owner must get the property at the same time. So, for example, if a piece of land is given to ABCD as a co-owner on 1 January 2018 and 'A' dies before the date of leaving 'K' to replace it, as between K in the hands of nne and BCD on the other hand, there is no unity of time. K becomes a shared tenant, while BCD is a joint tenant.
- Title - The owner's associates must have the same title as the property. If a condition applies to one owner and not another, there is no unified title. Also, there must be my unity in the sense that the title should come from the same giver. Thus, in the hypothetical example above, there is no unity of title between 'K' on one side and 'BCD' on the other because K obtains its title from another store, that is; A.
- Flowers - each co-owner has the same property portion; for example, if three co-owners are in deed, then each co-owner has a one-third interest in the property regardless of the amount each of the co-owners contributes to the purchase price
- Ownership - co-owner must have the same rights to own the entire property.
If any of these elements are missing, the joint rental is ineffective, and the joint rental will be treated as a joint rental in the same section.
Breaking up a shared tenant
If there is an agreement with the owner in any way with a property inconsistent with a joint rental, then the co-owner will be deemed to have terminated (sometimes called "breaking") a joint rental. The rest of the joint owner retains the joint ownership of the remaining interest. Such transactions may be either the delivery or sale of shares held jointly on the property. The position in relation to the mortgage is more doubtful (see below). For example, if one of the three joint owners conveys their shares in the property to a third party, the third party owns 1/3 of the shares under the same basic lease, while the other two original co-owners continue to hold the remaining 2/3s on a joint rental basis. This result arises because the "unity of time" is broken: that is, because the transfer time of new interest differs from the original. If it is desirable to continue to maintain a joint rental, then three co-owners will need to transfer, in one instrument, a mutual interest to the two jointly-owned owners and co-owners of the new joint.
A co-owner may decide to rent a joint and retain ownership of the property. Most jurisdictions allow co-owners to break ties together with document execution for that effect. In jurisdictions that maintain the requirements of the old common law, an actual exchange with straw man is required. This requires other people to "buy" the property of co-owners for some nominal consideration, immediately followed by resale to co-owners at the same price. In both cases, the joint rental will return to the same lease with the ownership of the property owner.
Significant problems can arise with simple document execution methods. In the straw man approach , there are witnesses for the transfer. With that document, there may be no witnesses. With any method, once the gap occurs, it works in two ways. Because there may not be a witness, the party with the document can take advantage of that fact and hide the document when the other party dies.
Mortgage to terminate joint contract
If one of the co-owners takes out a mortgage on a joint-owned property, in some of these jurisdictions may terminate a joint rental. Jurisdictions that use title theory in this situation treat the mortgage as the true introduction of rights until the mortgage is paid off, if not permanently. In such jurisdictions, the mortgage holder by one owner terminates the right to rent together as the co-owner. There are exceptions, and laws in the State of Georgia are exceptions.
In Georgia, collective rentals are generally presented in the deed as "Tenants Together with the Rights of Victims". The legal effect of this type of lease is "real estate" with "the rest of the contingent". Translated, this means that the interests of each common tenant can be considered in two parts: the "present" interest while both sides are alive and what happens in the "future" when one of the tenants dies. Viewed separately, the interests of each independent tenant are only a "temporary" interest while they both are live tenants and have no "full" interest. The "full" interest is determined by who lives longer than the other and survives automatically on survivors, and only at death. In the case of a mortgage committed by one of the joint living tenants, the mortgage does not cut the lease. Instead, the mortgage is interpreted as conveying whatever the borrower desires. In this example, it will be the life of the debtor (or "temporary") simply because both sides are alive, but the lender will also be entitled to real estate, but only if the debtor will live longer than the other joint. tenant. Consequently, if the debtor dies first, the co-tenant, who is not a party to the mortgage, will take full ownership of the property free of charge and free of mortgage. However, just because a surviving co-tenant is not responsible for a mortgage does not mean that the mortgage is extinguished or that the property is not subject to foreclosure if the mortgage is not paid. The decision of the Supreme Court of Georgia Manders v. King, 284 Ga. 338, 339, 667 S.E.2d 59, 60 (2008) are instructive. "Georgia is one of the few countries that embraces the general doctrine of exoneration, which stipulates that, unless specifically will establish otherwise, heirs or real property experts may look to the deceased's private property for lien satisfaction on the original property designed , at the expense of the residual delegation or distributing the personal property of the deceased J. Kraut, Annotation, the Right of Heir or Devisee to Own Realty Released from Lien Thereon at Personal Estate Burden, 4 ALR3d 1023, Ã, § 3. View Raines v. Shipley, 197 Ga. 448, 458, 29 SE2d 588 (1944) ("[U] nder common law it is the duty of the executors to release this special mortgage debt [on the original property made] of the person belonging to the testatrix, if there is him.... ") See also Killingsworth v. First Nat Bank of Columbus, 237 Ga. 544, 546, 228 SE2d 901 (1976) (land required to liberate proprietary property by paying mortgage balances mortgage as long as the debt is debt f heir and not the assumption of debt from the predecessor in the title). ID. In Manders, the Court held a "joint tenant who survives not eligible for mortgage exemption on the ownership of a joint lease unless there is a language in the deceased person would clearly declare the intention that the mortgage debt should be paid." In the rehabilitation of the Young, supra; In Dolley real estate, supra, 265 Cal.App.2d on 72.2. In short, if there is a mortgage on the property held by only one shared tenant and the collective tenant dies, unless there is a special provision in the Will of the co-dead tenant, the real estate assets should be used to pay the outstanding mortgage, the tenant is not exempt from the mortgage and the property is subject to foreclosure if the mortgage goes into default.
In short, under Georgian law, the implementation of a mortgage (called "Deed for Secured Debt" or "Security Act") by one tenant does not decide a joint rental.
However, in jurisdictions that use the theory of lien , mortgages simply place liens on property, leaving unanimous rentals together. As the lien is insufficient to end a joint rental, if the debtor dies before the creditor sues, the creditor has no claim against the property, since the debtor's interest in the property evaporates and automatically swings in another co-owner who is alive..
Petition to partition to decide tenants together
A joint owner of the lease together with the rights of rescue action may decide joint ownership by applying for partition. Requests for partitioning are legal, so there is usually no way to stop such an action. When a court provides partitioning for the tenant along with rescue rights, the property is physically broken up into parts and each owner is assigned a share of the same value OR the property is sold and the proceeds are distributed evenly between co-workers. owner regardless of contribution to the purchase price. No credit will be given to any tenants who may have contributed superior to the purchase price.
Some countries allow joint owners to buy other owners to avoid selling property by the public. Some states also allow multiple owners to jointly merge their shares together to claim majority ownership to avoid selling property by the public and to own property granted to the majority of owners. If the property is sold publicly, the usual method is a public auction.
During the partitioning process, credits may be granted to peers of tenants who have paid property costs in excess of parts, such as utility and property maintenance. Credits may be awarded for improvements made to the property if an increase has increased the value of the property. No credit will be awarded for excessive contributions to the purchase price, since the rent together with the rights of rescue action is taken in the same section as a legal matter.
Example partition Pennsylvania: In D'Arcy v. Buckley, 71 Bucks Co. L. Rep. 167 (August 21, 1998), two people bought property as a joint tenant with a survival right. The Plaintiff contributed five times more than the Defendant against the purchase price. In partition action, the Plaintiff seeks credit for the full amount of the contribution of his superior. The court stated that, in the absence of fraud, the work of the deed is operated to deliver one and a half interest to each of the two joint tenants. The decision depends on the authority of Masgai v. Masgai, 460 Pa. 453, 333 A.2d 861 (1975) and DeLoatch v. Murphy, Pa. Super. 255, 535 A.2d 146 (1987). Plaintiffs argue, it is pointless, that he has no intention of giving life-long gift to the defendant.
Tenancy with whole
Tenancy as a whole (sometimes called leasing by the whole) is a type of concurrent estate that was previously only available to married couples, where property ownership is treated as if the couple were single persons. (In the State of Hawaii, the Tenants option by Entirety ownership is also available to domestic partners in the registered "Reciprocal Associations" listed, the Vermont Civil law qualifies for individual unions for the entire rental.) Like the Combined Tenancy with Rights of Survivorship , the lease by the whole also includes the right of survival, so if one partner dies, all interest in the property is said to be "ripe" in the survivor so that a single control of the property matures, or passes in the ordinary sense, for a surviving spouse without a will.
In some jurisdictions, to create a lease with the whole party must specify in the deed that the property is being submitted to the couple "as a tenant by the whole," while on the other hand, the transport to a married couple is allegedly creating a lease with the whole unless the deed establishes otherwise. (See also Sociedad de gananciales) In addition, in addition to sharing the four unity necessary to create a rent together with the right to survival - time, titles, interest, and possession - there must also be the fifth union of marriage. However, unlike JTWROS, no party in the lease with the whole has the unilateral right to decide on the lease. The termination of the lease or any transaction with any part of the property requires the consent of both partners. Divorce destroys the union of marriage, leaving the default lease, which may be a joint rental in the same division. Many US jurisdictions no longer recognize the tenancies as a whole. Where recognized, benefits may include the ability to protect property from a single creditor, as well as the ability to protect part of the property where only one couple petition for bankruptcy. If the non-debtor partner in the lease term with the whole survives from the debtor's partner, the lien will never be applicable to the property. On the other hand, if the debtor's partner survives the non-debtor partner, the lien may be applied to the entire property, not just the original interest of the debtor's debtors.
In many countries, leasing by the whole is recognized as a valid form of ownership for bank accounts and financial assets. We must be careful to ensure that the tenure with the overall designation is chosen as opposed to other forms of joint ownership such as joint lease with the rights of survival, so that the benefits of rent with the overall status are not lost. For example, under Florida law, if the bank account registration document allows rent by overall and lease together with safety rights, if the account is opened as a lease along with rescue account rights, the benefits of the lease as a whole will not be attached.
References
Kurtz, Hovenkamp. Cases and Materials on American Property Laws, Fifth Edition. Chapter 5: Concurrent housing.
External links
Note that every country and every state in the United States has at least a small variation in the law applied to joint property ownership. These links generally discuss the law as applied in their home country:
- Massachusetts Association of Realtors page in Co-Real Property Ownership
IRS Revenue Procedure 2002-20, which includes better details that control what is Tenant in Common for federal tax purposes.
- IRS 2002-20 Reception Procedure
Tenants at the Common Association
- TICA
Comprehensive Tenancy in General Resource Database
- Ads from Law Firm
Complete Info about San Francisco Tenancy in General Rules
- "San Francisco Real Estate Brain - TIC". Archived from the original on 2009-10-03.
Tenancy by Entirety in Massachusetts.
For a good discussion of this misunderstood real estate see Coraccio v. Lowell Five Cents Savings Bank , 415 Mass. 145, 612 N.E. 2d 650.
Nothing in the laws of Massachusetts, or New York as stated in Coraccio , to prevent a tenant with the whole from conveying itself or his own interests in property, subject to continuing rights from another. Although it is generally believed that one tenant as a whole can not express their interest because the lease can not be decided, but the survival rights of the other who can not be interrupted. So, if a husband expressed his interest in the property held as an overall tenant to his brother, the husband no longer has any interest in the property. Her brother took her (husband) place in the lease. Here is the tricky part: if the wife dies then her husband's brother acquires all interest in real estate. If the husband dies before the wife, then everything becomes free and clear and her husband's brother has nothing. Some conveyancers have been treated by one tenant by the whole as zero. However, such deeds reveal the interest of aid providers in property subject to tenant rights from other tenants.
Tenancy By the Entirety at Common Law/effect of a conveyance by one:
See also
- Juice accrescendi
- Community properties
Source of the article : Wikipedia
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