Sole Possession in Joint Tenancy?

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kykiske
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Sole Possession in Joint Tenancy?

Postby kykiske » Sun Mar 10, 2013 7:15 pm

I was hoping to get some clarification on this issue.

Can someone explain a scenario how a party has sole/exclusive possession of the property, but is also part of a joint tenancy?

How is that party's rights different from a party that doesn't have sole/exclusive possession?

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MauriceGains
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Re: Sole Possession in Joint Tenancy?

Postby MauriceGains » Sun Mar 10, 2013 9:23 pm

I could be wrong, but I think the distinction is that ownership doesn't equal possession. So, there could be joint ownership of a property physically possessed by one person. Through agreement with the other joint tenant, the possessing tenant has exclusive possession but has normal fiduciary duties to the other joint tenants who own the property.

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presh
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Re: Sole Possession in Joint Tenancy?

Postby presh » Sun Mar 10, 2013 9:27 pm

MauriceGains wrote:I could be wrong, but I think the distinction is that ownership doesn't equal possession. So, there could be joint ownership of a property physically possessed by one person. Through agreement with the other joint tenant, the possessing tenant has exclusive possession but has normal fiduciary duties to the other joint tenants who own the property.


TITCR

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MauriceGains
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Re: Sole Possession in Joint Tenancy?

Postby MauriceGains » Sun Mar 10, 2013 9:36 pm

presh wrote:
MauriceGains wrote:I could be wrong, but I think the distinction is that ownership doesn't equal possession. So, there could be joint ownership of a property physically possessed by one person. Through agreement with the other joint tenant, the possessing tenant has exclusive possession but has normal fiduciary duties to the other joint tenants who own the property.


TITCR
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