Under Washington law, all of the following are required elements (unities) to create a valid joint tenancy EXCEPT:
Correct Answer
D) Unity of value — all joint tenants must contribute equal monetary consideration at purchase
The four unities required to create a joint tenancy are time, title, interest, and possession (TTIP). There is no 'unity of value' or requirement that joint tenants contribute equal monetary consideration. The unity of interest requires equal fractional shares, but this refers to ownership percentage, not the dollar amount each party contributed. Parties can fund the purchase unequally and still hold equal interests as joint tenants.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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