Which set of unities is required to create a valid joint tenancy?
Correct Answer
A) Time, Title, Interest, and Possession (TTIP)
A joint tenancy requires four unities, often 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 entire property). If any of these unities is destroyed, the joint tenancy is severed and converts to a tenancy in common.
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Related Topics & Key Terms
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Key Terms:
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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