Real Property Law in Emerging Markets
Harland L. Miller, III Visiting Fulbright Scholar Pravna Fakultete Univerze v Mariboru Lecture #4 17.3.2008
Common ownership rights
A. Tenants in common B. Joint Tenancy (Survivorship)/ Tenancy by the Entirety C. Common Interest Communities 1. Condominium 2. Planned Unit Developments 3. Co-operatives.
Tenancy in common
A form of common ownership between two or more persons and which does not include the right of survivorship. Therefore, when one co-owner dies, his ownership passes to his heirs and not to the other co-owners of the land.
Joint tenancy
A form of common ownership where complete title passes to the surviving tenant(s) upon the death of an owner, known as the right of survivorship.
Four (4) Unities
Time - the tenants obtain their interests at the same time
Interest - each interest is identical Title - Each tenant takes their title from the same source - ie. deed Possession - every tenant has an equal right of possession.
Survivorship
Upon the death of one joint tenant, the survivor (s) own the whole property. Nothing passes to the heirs of the deceased tenant.
Termination of Joint Tenancy
A severance of the joint tenancy can be made by a conveyance of the property, but not by will. (The right of survivorship is prior to and defeats any purported disposition in a will.
Tenancy by the entirety
A form of joint tenancy that can only be held by a husband and wife. The right of survivorship is an element of a tenancy by the entirety.
Problem #1
A conveys blackacre to “B and C and their heirs and assigns.” How do B and C hold title to blackacre?
Problem #2
A conveys blackacre to “B and C and their heirs and assigns, as joint tenants with rights of survivorship.”
How do B and C hold title to blackacre?
Problem #3
A conveys to “B, C, and D”.
1. What interest does B, C and D have? 2. What interest does B’s heirs have upon B’s death? 3. What interest do C and D have upon B’s death?
Problem #4
A conveys to “B, C, and D as joint tenants with rights of survivorship”.
1. What interest does B, C and D have? 2. What interest does B’s heirs have upon B’s death? 3. What interest do C and D have upon B’s death?
Problem #5
A conveys to “B, C, and D”. B then conveys her interest to E.
1. 2.
3.
What interest does C and D and have? What interest does E’s heirs have upon E’s death? What interest do C and D have upon E’s death?
Problem #6
A conveys to “B, C, and D as joint tenants with rights of survivorship”. B then conveys her interest to E. 1. 2.
3. 4.
What interest What interest death? What interest What interest
does C and D and have? does E’s heirs have upon E’s
does C have upon E’s death? does C have upon D’s death?
Problem #7
A conveys blackacre to B, C and D as joint tenants WROS. B dies and his will provides all his property goes to X. X takes possession of blackacre.
In a lawsuit between C and D against X - who would prevail?
Problem #8
A conveys blackacre to B, C and D as tenants in common. B is sued by X and X obtains a judgment lien against B.
How does the judgment lien affect B? How does the judgment lien affect C and D?
Problem #9
A conveys blackacre to B, C and D as joint tenants with rights of survivorship. B is sued by X and X obtains a judgment lien against B.
How does the judgment lien affect B? How does the judgment lien affect C and D?
Problem #10
T conveys blackacre to A, B, and C as J/T WROS. A conveys his interest to X for the period of his natural life.”
What interests do X, A, B and C have?
Condominiums
A form of ownership where units within a building are owned b individuals and the common areas and land are owned in common with all other unit owners.
Common Interest Community
A form of ownership where a property owner is obligated to pay taxes, insurance, maintenance charges or other improvements to to other real estate which benefits the owned land.
UCIOA
Uniform Common Interest Ownership Act Sets forth the laws which govern the creation and operation and termination of Condominiums and Common Interest Communities.
4 Parts of UCIOA
1. 2. 3. 4. General Provisions Creation, Alteration and Termination Management and Operation Consumer Protections
Article 1
General Provisions
A. B. Part I - Definitions Part II - Applicability
Article 2
1. Creation 2. Alteration 3. Termination
Article 3
1. Management 2. Operation
Article 4
Consumer Protections