Co-ownership

Co-ownership

1. Joint Tenancy

   • 1. Right of survivorship
   • 2. Presence of 4 Unities
     • i. Unity of Possession
       • Each tenant is entitled to possession of the whole land, no one can hold any part to the exclusion of the others. So, one cannot sure the other for trespass.
     • ii. Unity of Interest
       • The duration and nature of each tenant's interest must be the same. (e.g. equal in quantity or quality.) From this, it follows that they must all join in any disposition or legal act pertaining to the title.
     • iii. Unity of Title
       • All the joint tenants together constitute a single tenant and each obtains title from the same instrument or source.
     • iv. Unity of Time
       • All the joint tenants must have taken the land at the same time, (e.g. the interest of each tenant must have been vested at the same time.
   • 1. The last surviving tenant takes the property absolutlely
   • 2. Maximum no of 4 persons can be vested
   • 3. A joint tenant cannot bequeath his interest in the land in his will upon death.

2. Tenancy in Common

   • Favoured by Law of Equity
   • Unity of possession
     • A tenant in common can possess the land with the other tenants or on his own; one cannot sue the other for trespass
   • 4. The shareholdings between tenants in common need not be equal; it can be in any ratios. This is common in corporate/business shareholding.
   • 3. There is no limit to the number of tenants in common; it could be 2 or more. Over time, the number of tenants could become larger and larger, leading to serious problem in transaction of interest.
   • 1. A type of co-ownership whereby each co-owner has a notional and undivided share in the property
   • 2. As the survivorship rule does not apply, a tenant in common's share in the property pass with his estate upon his death