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 of Time, Title, Interest, and Possession — commonly remembered as TTIP. All joint tenants must acquire their interest at the same time, through the same instrument (title), with equal interest, and with an equal right to possession of the entire property. If any of these unities 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
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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.
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