Which of the following correctly identifies the four unities required to create a joint tenancy?
Correct Answer
A) Time, title, interest, and possession
Joint tenancy requires the four unities known 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 entire property). If any unity is broken, the joint tenancy is severed and converts to a tenancy in common.
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Related Topics & Key Terms
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Related Concepts
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.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
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