Land law Essay Example | Topics and Well Written Essays - 1500 words

Land uprightness - Essay ExampleDifferent types of possessorship stipulate opposite rights and liabilities of co-tenants. The type of ownership determines guidelines on the space in terms of attempts to sell it, and methods by which the belongings can be transferred. In this case, each owner is referred to as a tenant in commonality. The free stand property that the four pioneer owners (Allan, Ben, Chris and David) bought by contributing different amounts makes them tenants in common (TIC). Unless another(prenominal)wise stated, most courts assume that a tenancy in common exists whenever several(prenominal) persons take concurrent possession of a single piece of land. When land is granted, transferred, conveyed, assigned or bequeathed to deuce or more persons, other than as executors, administrators or trustees in either fee simple or any lesser estate, legal or equitable, and the tenancy is not specified in the document creating the estate, the co-owners hold as tenants in co mmon1. Each member has an interest in a particular part of the contribution and the right to access the parcel as a whole. Each co-owner is allowed to choose who will inherit his or her ownership interest upon death. In cases where no will exists, then the sh atomic number 18 of the deceased would go to the persons entitle under the rules of intestacy. Each co-owner is liable to the others if they cause any deterioration in the value of the property. Tenancy in common only has the unity of possession and has no right of survivorship. Unity of possession is achieved when each co-owner is authorize to possession of the whole property. In situations where the conveyance in favor of the co-owners involves how the co-owners should hold the equitable interest in the property, this agreement is conclusive2. Each tenant in common sleep withs autonomy in dealing with his interest, including the decision to thrash of the interest by will. Each tenant in common holds undivided proportiona te interests. Tenants in common cannot hold unity of interest because their interests are not proportionate. Each tenant is awarded interest according to his contribution. Initially, the shares of Allan, Ben, Chris and David are determined by how much each owner contributed to the purchase of the property. After Chris retired and sold his shares to Fiona, Fiona owned Chris shares and hers as well. The sale of Chris shares to Fiona does not alter the arrangement between the remaining owners. However, a transfer must be used and fees should be charged on the value of the proportionate interest being transferred. On the other hand, Elsa took everyplace Davids shares after David died. After Elsa died, Gerry and Harry became co-owners, each entitled to the share Elsa assigned him. It is permissible for Harry and Garry to hold Elsas interest in joint custody. In that case, Harry and Garry can be joint tenants so that they are both tenants in common with the other co-tenants. As joint te nants, they enjoy the right of survivorship which presumes that when one dies, the other takes over ownership of the entire parcel which they shared before the death. This minimizes delays when handing over property. Incase Garry, having inherited property does not desire to claim any ownership interest, the interest to the property can be transferred to the other tenants in common. As joint tenants, Harry and Garry have four unities which include interest, time, title and possession. Joint tenancy mandates owners to have the same interest, developed under the same conveyance, starting at the same time and held under the