Which four unities are required to create and maintain 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 right to possess the whole property). If any unity is broken, the joint tenancy is severed.
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Related Topics & Key Terms
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Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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.
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