Which set of four unities is required to create a joint tenancy?
Correct Answer
A) Time, Title, Interest, and Possession (TTIP)
Joint tenancy requires the four unities: Time (all owners acquired their interest at the same time), Title (all owners received title through the same instrument), Interest (all owners hold equal shares), and Possession (all owners have an equal right to possess the whole property). These are commonly remembered with the acronym TTIP.
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Related Topics & Key Terms
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Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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