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IL-Chap 8

Forms of Real Estate Ownership

QuestionAnswer
Fee simple estate can be held in 3 basic ways severalty-title is held by one individual co-ownership-title is held by 2 or more individuals. trust-third individual holds title for the benefit of another.
Tenancy in common owned by 2 or more people as tenants, each holds an undivided fractional interest in the property. They hold ownership interest in severalty meaning each can sell, convey or transfer their interest.
Joint Tenancy property owned by 2 or more people. Title is held as though all the owners, collectively constitute one unit.
Right of survivorship upon death of joint tenant, deceased interest transfer directly to the surviving joint tenants. (one less owner) Can not pass to their heirs.
Four unities required to create Joint Tenancy = PITT Possession-all hold undivided right to possession Interest-joint tenants holding equal ownership interest Time-all joint tenants acquire interest at the same time. Title-all joint tenant acquire interest by same document
Partition legal way to dissolve the relationship when the parties do not voluntarily agree to its termination.
Tenancy by the Entirety each spouse has an equal, undivided interest in the property. They can convey title only by a deed signed by both parties. The death of one spouse, the survivor automatically becomes the sole owner.
Tenancy by Entirety can be Terminated by JSDAD Judgment Sale Death Agreement Divorce
Community property-all real or personal property acquired by either spouse during the marriage. IL is not a community property state. Separate property-real or personal property owned solely by either spouse before the marriage.
Trust a device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party.
Land Trusts Trustor often is beneficiary. Trustee is bank. Beneficial interest is personal property. Fully private ownership. Useful in probate proceedings.
Partnership is an association of 2 or more person who carry on a business for profit as co-owners.
General Partnership all partners participate in the operation and management of the business and share full liability for business losses and obligations.
Limited Partnership one or more general partners, as well as limited partners. Business is run by the general partners.
Corporation is a legal entity created under the uauthority of the laws of the state from which is receives its charter. Managed by board of directors. Charter sests for the powers of the corporation.
Main disadvantage of corporate ownership of income property is that the profits are subject to double taxation.
Syndicate 2 or more people or firms joined together to make and operate a real estate investment.
Joint venture form of partnership in which 2 or more people or firms carry out a single business project.
Limited Liability Company combines the most attractive features of limited partnerships and corporations.
Condominium owner of each unit holds a fee simple title to the unit and the undivided interest in the remainder of the building and land, known as common elements. Ind owns these common elements as tenants in common.
Homeowner's Association enforce any rules it adopts regarding the operation and use of the property.
Cooperative Ownership Corporation holds title to the land and building and offers shares of stock to prospective tenants.
Proprietary lease purchaser becomes a shareholder in the corporation by virtue of the stock ownership and receives a proprietary lease to the apartment for the life of the corporation.
Town house any type of housing connected by common walls.
Time-share ownership permits multiple purchasers to buy interests in real estate usually a resort property. It is a fee simple interest.
Created by: Denise Setchel