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부동산

Four unities

2019.04.03 21:36 Views : 176

Unity of time 
Interest must be acquired by both tenants at the same time.
In common law, the "time" requirement could be satisfied only by using a "straw man" to create a joint tenancy. The party creating the joint tenancy would have to convey title to a straw man, who would then transfer title to the two parties as joint tenants.
Unity of title 
The interests held by the co-owners must arise out of the same instrument.[1]
Unity of interest 
Both tenants must have the same interest in the property.
This means that the joint tenants must have the same type of interest, and the interest must run for the same duration. For example, if X and Y create a joint tenancy, both X and Y's interests must be in fee simple absolute. If, for example, X has a fee simple absolute and Y has a life estate, there is no unity of interest.
Unity of possession 
Both tenants must have the right to possess the whole property.

If any of the four unities is broken and it is not a joint tenancy, the ownership reverts to a tenancy in common.

The unique aspect of a joint tenancy is that as the joint tenancy owners die, their shares accrue to the surviving owner(s) so that, eventually, the entire share is held by one person.

No. Subject Date Views
Notice 부동산 용어사전 2019.04.15 2372
Notice 부동산 용어 (A to Z) 2019.03.03 1602
» Four unities 2019.04.03 176
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140 FINAL TEST 2 (50) 2019.04.02 18358
139 민사소송 소멸시효 (Statute of Limitations) 2019.04.02 124
138 FINAL TEST 1 (50-CORRECTION) 2019.04.01 15026
137 Order of payments in foreclosure 2019.04.01 147
136 Appraisal steps in order 2019.04.01 110
135 FINAL TEST 1 (50) 2019.04.01 4775
134 Natural Hazards Disclosure Act 2019.04.01 143
133 Leasehold Estates in Real Estate 2019.04.01 156
132 Wrranty Deed는 여섯 가지의 Covenant을 포함 2019.03.31 106
131 Settlement-Statement Worksheet 2019.03.27 160
130 TEST 27 2019.03.27 343
129 Chapter 27 Conclusion 2019.03.27 157
128 TEST 26 2019.03.27 149
127 Chapter 26 Conclusion 2019.03.27 97
126 TEST 25 2019.03.27 136
125 Chapter 25 Conclusion 2019.03.27 162
124 TEST 24 2019.03.27 184
123 Chapter 24 Conclusion 2019.03.27 107
122 TEST 23 2019.03.27 102
121 Chapter 23 Conclusion 2019.03.27 95
120 TEST 22 2019.03.27 124
119 Chapter 22 Conclusion 2019.03.27 128
118 TEST 21 2019.03.25 146
117 Chapter 21 Conclusion 2019.03.25 102
116 TEST 20 2019.03.25 150
115 Chapter 20 Conclusion 2019.03.25 103
114 TEST 19 2019.03.25 292
113 Chapter 19 Conclusion 2019.03.25 98