Concurrent Ownership Essay

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Types of Ownership- Concurrent Ownership

There are various types of real estate ownership that shift as indicated by the quantity of titleholders or to some kinds of property. The type of ownership decides the legal rights and commitments of the owners, and will influence transferability and inheritability of the property and how it would be dealt with.. The owner can be one or more individuals, or it could be some other legal body, for example, a business.
The most imperative feature for joint tenancy is the right of survivorship. Ownership of real or personal property by at least two individuals in which each claims a undivided interest for the whole and each has the right of survivorship.
A joint tenancy is created by use of a deed or
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The partition has the effect of severing the unity of possession, thereby terminating the TIC.
The rights of a cotenant stem from the one unity common to the three types of concurrent ownership—the unity of possession. This means that each tenant has the right to use the real estate as if he were the sole owner, except that “he has no right to exclude his co-owners, or to appropriate to his sole use any particular por- tion thereof. The tenants out of possession may at any time assert their right to share in the possession, or they may have the property partitioned by a division, each taking a distinct part according to the extent of his interest.”52
Concurrent owners, due to the unity of possession, possess an undivided interest in their property. The word undivided refers to an interest in the real property as a whole, not in any divisible or distinguishable portion. Thus, if Anne, Matthew, and Alexander own a three-bedroom house as joint tenants, each owner has an equal right to use each portion of the house. They can, of course, decide among themselves that a full right to use one bedroom is more appropriate than the right to share three bedrooms with two other people (a right that reflects their undivided
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