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Real Estate GA

QuestionAnswer
Severalty ownership or sole ownership One person or corporation(single legal entity
Tenancy Refers to possession
Tenancy in common Interest each co-owner owns is inhertiable
Tenacy in common imposes the fewst restriction on the co-owners
Tenancy in common each co-owner holds sperate title (can sell, mortgage will or transfer their specific share
Tenancy in common interst each co-owner owns is inheritable
Joint Tenancy co-owners jointly own a single estate
Joint Tenancy upon death of a co-owner the desease interest in the property automatically ends and passes to the remaining joint tenants
Joint Tenancy 4 unities must be present to create joint teancy Possession, Interest, Time, Title
Joint Tenancy - Right of Survivorship Distinguishing characteristic of joint tenancy
Concurrent Ownership Married people
Concurrent Ownership Co-owners or concurrent owners
Tenancy By the Entirety Has the 4 unities...PITT...Possession, Interest Time and Title
Tenancy By the Entirety Both spouses needed to sell, mortgage, less, need both signatures
Tenancy By the Entirety Creditor cannot force sale of half the property to satisfy either spouses personal or business debt. (only if both are liable for the debt)
Tenancy By the Entirety if divorced they become (tenants in common)
Tenancy By the Entirety is like joint tenancy-right of surviorship
Community property Treats married couples as equal partners
Community property Each spouse has 1/2 interest
Community property Seperate property-Property acquired before a marriage or by a gift or inherited are not included.
Community property Can be passed to heirs by a will
Community property If Divorced, becomes tenancy in Common
Tenancy in Partnership (general Partnership) Must opertate under a registered trade name.
Tenancy in Partnership (general partnership) Each partner is jointly and severally liavle for the partnershiop obligations. creditors must first collect from the partnership before pursing the individual partner
Tenancy in Partnership (general partnership interest in partnership can not be sold for personal debts.
Tenancy in Partnership (general partnership Each partner can participate in management and can bind the partnership in the day to day business operations.
Tenancy in Partnership (general partnership) no partner can obligate the partnership to sell, mortgage or lease (convey any legal interest) without the consent of the other partner. "unless, that is the partnership's business.
Tenancy in Partnership (limited partnership) one or more general partners carry on the management
Tenancy in Partnership (limited partnership) limited partners are essentially just investors and have no management involvement(interest liability is just their investment)
Tenancy in Partnershiop (limited partnership) investors must weight the advantages of limited liabilty againsgt the disadvantage of relying on the management skills of the general partners
Limited Liability Company name of business must contain "L.L.C"
Limited Liability Company Company is formed by filing articles of organization with the Secretary of State.
Limited Liability Company Articles include and operating agreement that become the LLC's governing documents similar to a corporations by-law.
Limited Liability Company Investors are called "members"
Limited Liability Company Profits are not taxed at the corporate level
Limited Liability Company Management vest in all members "however" operating agreement delegates managerial decisions to one or more specific individuals who have the sole authority to bind the company and sign documents
Limited Liability Company Members, managers and employees of the LLC are not personally liable for the LLC's debt. Provided no laws were broken and everyone acted in good faith
Limited Liabilty Company Member's ownership interest is personal property and freely transferable
Testamentary Trust A trust created in a will....ex: trust may be used to hold property for a minor
Living Trust Created during trustor's lifetime, maybe be created to aboid probate costs or minimize tax liabilities
Living trust Trustor might retain the right to manage properties placed in the trust name the beneficiaries who will automatically axquire title upon their death.
Land Trust Trustor is always Beneficiary
Land Trust Trustor retains control over managemnt of the property
Real Estate Investment trust (REIT) Managed by a board of trustees who inverst property or mortgage loans
Land Trust used in guarding secrecy when assembling parcels for development. also, protect trustor against divorce, bankruptcy.etc
Real Estate Investment trust Must have a minimum of 100 investors(beneficiaries) to gain income tax benefits
Reat Estate Investment trust the REIT pays no income taxes if 90% of income goes to beneficiaries
Syndicate group of individuals who get together to invest or deal in real estate
Syndicate Most syndicates are limited partnerships, however, they can also be a tenancy in common, coproration or a trust
Time Share or interval ownership..can also be a type of condo ownership. However time shares are really only simple right to use(not true ownnership)similar to a club membership, and is personal property
Syndicate Sales of shares in a syndicate are governed by state securities law
Syndicate Sales persons dealing in syndicate shares must hold a securities license
cooperative ownership Building in owned in severalty by a non-profit corporation
Cooperative ownership Owners buy shares of stock in the corporation
Cooperative ownership Along with the stock they acquired a proprietary lease on a unit of their choice
Cooperative ownership There is one property tax bill and one mortgage payment to the corporation. Each occupant pays a share of these costs and any other management expenses
Cooperative ownership The stock share and proprietary lease are personal property transferred by an assignment
Cooperative ownership Transfer of the lease requires approval from the Board of directors
Condo Ownership allows multiple owners to hold free simple title to their individual units
condo ownership each owner has a percentage of undivided interest in the common elements "common interest" including parking areas, recreational facilities, tennis courts, pool, golf course
condo ownership developer must record documents in the county where project is developed
Condo ownership(master deed) to the land includes the complete legal description
Condo ownership(declaration) include complete description of each unit, common areas and limited common areas, and the statement of permitted use.
condo ownership (plat) of land and specs for building to be constructed
condo ownership (by-laws) establish framework for the formation of a homeowners association and the responsibilites of running the community
Condo ownership owners must abide by covenants, conditions and restrictions(CC&R) as rue governing common areas and how individual unit cam be used
condo ownership once developer has sold 75% of the units in a complex, the management is turned over to the owners association
Created by: 1432956522