Which four unities are required to create a joint tenancy?
Correct Answer
A) Time, Title, Interest, and Possession (TTIP)
Joint tenancy requires four unities, remembered by the acronym TTIP: Time (all owners acquire their interest at the same time), Title (all owners acquire title through the same instrument), Interest (all owners hold equal shares), and Possession (all owners have equal rights to possess the whole property). If any unity is broken, the joint tenancy is severed.
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Related Concepts
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
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