Flashcards
Land Law Chapter 5 "Owning Property with Someone Else"
Cards in this deck (7)
- 1For joint tenancy to exist there must be "the four unities". What are these?Possession - Each tenant entitled to land
Interest - Interest of each tenant must be the same (Freehold/Leasehold)
Time - Interests must arise at same time
Title - Each tenant must gain title from same document - 2What is "overreaching?"If only one surviving trustee but more than one beneficiary and trustee decides to sell, he will have to appoint a co-trustee to sell with him.
The buyer then takes the land free of the interests of beneficiaries - 3Joint Tenancy & Tenants in Common. What happens when you die?JT - Doctrine of Survivorship means that land will automatically pass to survivor
TIC - % of land owned will form part of the estate and will be distributed according to the will - 4What is the only one of the four unities that applies to Tenants in Common?Unity of Possession
- 5How can a beneficial joint tenant sever their beneficial joint tenancy and convert it to beneficial tenant in common?Notice in Writing (must have immediate intention) Does not have to be read, just served properly
Other acts - Williams v Hensman
An act of JT operating on own share ie - bankruptcy
Mutual Agreement (Not nec in writing) - 6Name the 4 ways of terminating co-ownershipSale
Partition (Land divided)
Union in a sole owner (if legal and eq interests become vested in 1 person)
Only one trustee remains (ie on death) - 7Trust of Land arises under which act?Trusts of Land and Appointment of Trustees Act 1996