Lecture 3 Co-Ownership In this topic, we will develop a knowledge and understanding of: · The main differences between joint tenants and tenants in common; · How co-ownerships arrangements can be created under the law; · How disputes between co-owners can be resolved; and · How co-ownerships are terminated What happens when two or more people own the same piece of land and the buildings on that land? Introduction of Co-Ownsership Two types · Joint tenants · Tenants in common Co-Ownership exists when there is an ownership with two or more people of one thing · The ownership of tow or more people of a parcel of property ... Co-Ownership It is really the ownership of more than one person over a parcel of land The distinction is where two or more people share the ownership of property For example ... In an apartment building there are shared areas ... This is community title · This is not co ownership as we understand it With an apartment block the ownership of the block of apartments one person may own the thing then grant a lease to other people. This may be a lease When there are separate lots and the apartments may be owned by one person this can be thought of as a lot . Where you have one lot and you have two or more people owning the lot Commercial property can be co owned ... The ownership may be between companies and businesses · There are rules when there are rules to partnership ...
The difference between joint tenants and tenants in common is ... joint tenants own the property in its entirety So the whole of the lot that is owned by the joint tenants is owned jointly Where as tenants in common own separate shares in the property Joint Tenants No separated shares in the property As a group they own the entire property 'Right of survivorship' applies - meaning the surviving JT inherit Requires four unities The four unities · Unity of possession · Unity of interest · Unity of title · Unity of time Unity of possession . Each of the co owners are entitled to posess the whole of the property · The whole of the prop is shared and owned together · This is to be enjoyed as joint tenants Unity of interest ' . Each of the tenants must be the same in nature, extent and duration · So you cant have a joint tenant that is different to the others to has another share Unity of title · Each tenant must derive their interest from the same document. This may be a tranfer of sale · And all of the tenants have their interests created byt hat document Unity if time · Interests of tenants vests at the same point in time Tenants in common They do not carry the right of survivorship . This means each of the tenants who hold property in tenants in common can pass