Law 4
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American National University *
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523
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Law
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Feb 20, 2024
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docx
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13-3 Explain the circumstances under which each of the following types of ownership
would be most desirable. Give reasons for your responses.
Joint tenancy
Joint tenancy involves co-owners that possess equal shares and they have the liberty to sell
without the consent of other co-owners. Upon the death of a co-owner, the other co-owners
absorb his shares. Joint tenancy would be desirable if a person is buying real property with a
partner because the death of either party results in the property ownership being passed to the co-
owner.
Tenancy in common
Tenancy in common is similar to joint tenancy however the owners in this case may have equal
or unequal interest in the property. They can also sell their shares without the consent of other
co-owners. Upon the death of one of the owners, their interest is passed on to their heirs.
Tenancy in common is desirable for partners that wish to maintain financial independence
because either party can sell their interest in the property.
Tenancy by the entirety
Tenancy by the entirety is established only between married couples. Selling the party requires consent from both parties and creditors of either party cannot attach the property. When one of the partners die, the property automatically becomes fully owned by the other spouse and in the event of a divorce the ownership changes to tenancy in common.
13-4 Explain how the ownership of land may be transferred.
Ownership of land may be transferred either voluntarily or involuntarily. Voluntary transfer involves the following procedures.
i.
Execution: This occurs when the drafted deed has been signed by both grantor and grantee. The deed contains the names of both parties, express the intention to convey the property, identify the percentage ownership, the price, description of physical boundaries. ii.
Delivery: Upon execution of the deed, it is transferred to the to the grantee for transfer of ownership. iii.
Acceptance: The grantee expresses his interest to possess the property. Once the deed is in possession of the grantee it is assumed that acceptance has been gotten.
iv.
Recording: Recording involves filing in the records of the appropriate government authority. Involuntary transfer occurs without the owner’s knowledge or against their will. This is either
through adverse possession or condemnation.
i.
Adverse possession: when a person treats property as his own openly without any protest or permission from the original owner over a particular period, it is deemed to be transferred to the person. ii.
Condemnation: this transfer occurs when the government takes over a person’s property against their protest. The government uses its eminent domain rights in condemnation.
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