Term
Introduction to Concurrent Ownership?
What are the legal entities? |
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Definition
Concurrent ownership is when two or more legal entities ahve an ownerhip interest in the same property at the same time.
Legal entities that can own real estate include individuals, partnerships, corprorations, and other types of business organizations. |
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Term
| Which individuals can own real estate? |
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Definition
| Uner current law in most states, any person over the age of majority- genreally 18 years of age- and under no disability that would bar them from entering into a valid contract |
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Term
| Partner ships- what are the two kinds? |
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Definition
UnThere are two types of partnerships: general and limited
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Term
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Definition
| A partnership or general partnership is the voluntary association of two or more individuals or legal entities for carrying on a business as co-owners. General partners are perosnally liable for the debts and obligations of the partnerships |
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Term
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Definition
| Limited partnerships are a special form of partnership, created by statute. Unlike general partnerships,t hey are considered legal entities disntict from their individual partners. A limited partnership must ahve one or more general partners who, like general partners in a general partnership, have unlimited liability |
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Term
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Definition
| A corporation is a legal entity, sometimes referred to as an artifical person, created by statute. The corporation is a legal entity separate and distinct from its owners, called stockholders or shareholders |
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Term
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Definition
| A joint venture is an unincorporated association created by the co-owners of abusiness venture, usually to carry out a particular venture. It is also known as a joint adventure, co-adventure, business consortium, syndicate, group, pool, joint enterprise, joint undertaking, or joint speculation |
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Term
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Definition
| A Real Estate Investment Trust (REIT) is a company that buys, develops, manages, and sells real etate assets. The REIT issues fractional, divisible investment shares based on the amount of each owner's investment. REITs invest in blocks of real estate and issue shares proportionate to the investment. It is a sort of mutual fund for real estate investors. |
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Term
| Concurrent Ownership- what is it? |
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Definition
Concurrent ownership is the simultaneous ownership of the same property by more than one individual or legal entity, each of which is calle a cotenant.
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Term
| What is concurrent ownership characterized by? |
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Definition
1) Unity of time
2) Unity of title
3) Unity of Interest
4) Unity of Possession
5) Unity of person |
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Term
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Definition
| Tenants in common is a form of concurrent ownership that may, but is not required to, all five unities. Tenants in common do not have to be spouses, take title at the same time, get title from the same source, or have equal interests. The one unity tenants in common do share is the equal right to possess and occupy the property. |
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Term
| Joint Tenants with Rights of Survivorship |
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Definition
| Joint tenants with the rights of survivorship is a form of concurrent ownerhsip in which surviving cotenants automatically succeed to the ownership interst of a deceased cotentnat. This form of cotenancy requires four of the fiive unities but odes not require that cotentants to to be spouses |
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Term
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Definition
| Tenants by entireties is a form of concurrent ownership, like joint tenancy with a right of survivorship, but limited to married individuals. This form of concurrent ownership is ownership is the only form that shares all five of the unities |
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Term
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Definition
| Community property is a statutory provision that defines assets that are property of a marital unity. Community property laws replace common law presumption of tenants by entireties. Just nine states- Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin- have community property statutes |
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Term
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Definition
| Condominium ownership is a creation of statute that allows legal entities to own individual unites in a bhilding, with common elements in fee simple and a percentage of the common elements (hallways and recreation areas) as tenants in common with other unit owners |
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Term
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Definition
| Each of the cotentant or owners acquired the title from the same source |
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Term
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Definition
| Each cotenant has the same or equal ownership interst; for exampl each is an owner in fee as opposed to one owner in fee and the other being a tenant of a leashold interest. |
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