Chapter 4 Forms of Ownership

1
Chapter 4Forms of Ownership

• ______________________

2
One or More?

• Sole ownership
• Tenants in common
• Joint tenancy
• Community property
• Partnership
• Corporation

3
Tenants in Common
One parcel of land Three owners with unity of
possession
A
B
C
What happens if C dies?
A
B
Cs heirs
4
Joint Tenancy with Right of Survivorship
C
B
A
One parcel of land Three owners, four unities
(PITT) Possession, Interest, Time, Title
C
If C dies?
A
B
5
Married Persons

• Tenancy by the Entirety
• Community Property
• Separate Property

6
Holding Title
7
Additional Ownership Forms

• S Corporations
• Trusts
• Inter Vivos Trust
• Testamentary Trust
• Limited Liability Companies (LLC)

8
Key Terms

• Concurrent ownership
• Estate in severalty
• Joint tenancy
• Limited Liability Company (LLC)

• Limited partnership
• Right of survivorship
• Tenancy by the entirety
• Tenants in common
• Undivided interest