Creation of Tenancy in Common

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kykiske
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Creation of Tenancy in Common

Postby kykiske » Sun Mar 31, 2013 4:10 pm

For a tenancy in common to be created, do the parties have to obtain interest in the land at the same time? Traditionally, I know that for joint tenancy it requires the "4 unities".

I am curious because let's say X owns a 100 acre piece of land. She conveys 50 acres to Y. Each now owns an undivided share in the land. So, does a tenancy in common now exist between the two parties?

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stillwater
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Re: Creation of Tenancy in Common

Postby stillwater » Sun Mar 31, 2013 4:18 pm

kykiske wrote:For a tenancy in common to be created, do the parties have to obtain interest in the land at the same time? Traditionally, I know that for joint tenancy it requires the "4 unities".

I am curious because let's say X owns a 100 acre piece of land. She conveys 50 acres to Y. Each now owns an undivided share in the land. So, does a tenancy in common now exist between the two parties?


Tenancy in common requires none of the unities.

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gdane
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Re: Creation of Tenancy in Common

Postby gdane » Sun Mar 31, 2013 5:14 pm

kykiske wrote:For a tenancy in common to be created, do the parties have to obtain interest in the land at the same time? Traditionally, I know that for joint tenancy it requires the "4 unities".

I am curious because let's say X owns a 100 acre piece of land. She conveys 50 acres to Y. Each now owns an undivided share in the land. So, does a tenancy in common now exist between the two parties?


In your example, a tenancy in common has been created. There is no 4 unities requirement for a tenancy in common to be created and hence X and Y do not have to obtain an interest in the land at the same time. Y can now do whatever the hell he/she/it wants with that common interest. If Y dies, Y's heir gets Y's share, not X.

Also, the period at the end of your first paragraph should be inside the parenthesis ("4 unities.").

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Yvonnella
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Re: Creation of Tenancy in Common

Postby Yvonnella » Sat Apr 06, 2013 11:28 pm

kykiske wrote:For a tenancy in common to be created, do the parties have to obtain interest in the land at the same time? Traditionally, I know that for joint tenancy it requires the "4 unities".

I am curious because let's say X owns a 100 acre piece of land. She conveys 50 acres to Y. Each now owns an undivided share in the land. So, does a tenancy in common now exist between the two parties?


This example does not create a tenancy in common. X owns 100 acres. If she conveys 50 acres to Y, X will own 50 acres and Y will own the other 50 acres. Neither of them has an interest in the other's 50 acres.

Tenancy in common contemplates an undivided, concurrent interest in the same land. It was correctly stated that the unities are unnecessary. But to create a tenancy in common, if X owns a 100-acre parcel, she needs to convey an undivided 50% interest (or any fractional interest she wants) in the same 100-acre parcel to Y, either by expressly stating as TIC, or by reciting no tenancy at all. At that point, X and Y will each own a separate, undivided interest in the 100-acre parcel of land, as tenants in common. Whatever interest X does not convey to Y, X retains. Thus, the interest of X + Y = 100% ownership of the land.

darkatillam2
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Re: Creation of Tenancy in Common

Postby darkatillam2 » Tue Apr 09, 2013 12:09 pm

Yvonnella wrote:
kykiske wrote:For a tenancy in common to be created, do the parties have to obtain interest in the land at the same time? Traditionally, I know that for joint tenancy it requires the "4 unities".

I am curious because let's say X owns a 100 acre piece of land. She conveys 50 acres to Y. Each now owns an undivided share in the land. So, does a tenancy in common now exist between the two parties?


This example does not create a tenancy in common. X owns 100 acres. If she conveys 50 acres to Y, X will own 50 acres and Y will own the other 50 acres. Neither of them has an interest in the other's 50 acres.

Tenancy in common contemplates an undivided, concurrent interest in the same land. It was correctly stated that the unities are unnecessary. But to create a tenancy in common, if X owns a 100-acre parcel, she needs to convey an undivided 50% interest (or any fractional interest she wants) in the same 100-acre parcel to Y, either by expressly stating as TIC, or by reciting no tenancy at all. At that point, X and Y will each own a separate, undivided interest in the 100-acre parcel of land, as tenants in common. Whatever interest X does not convey to Y, X retains. Thus, the interest of X + Y = 100% ownership of the land.



This.




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