Definition: When one individual has holds the rights or the title to a property.
Example: Robert bought a new house with his girlfriend. She asked to be on the title, but he refused because he fronted the whole down payment and was going to make the majority of the mortgage payment. Therefore he ended up being the only one on the title.
a) Purchase of new property- Robert and his girlfriend bought a new house together.
b) Not co-owned-Robert’s girlfriend asked to be on the title, but Robert refused.
c) Sole ownership- Robert is the only one on the title.
2) Joint Tenancy-
Definition: When two or more people share equal title on a property which include each person having the same rights of possession and survivorship.
Example: Terry and her friend Bob bought a property together. They each put down half of the down payment and agreed each pay half of the mortgage. Because they decided to split everything equal they decided to have equal ownership over the property. Bob eventually passes away of old age and Terry receives sole ownership of the property.
a) Equal rights- Terry and Bob have equal rights to the property because they agreed to pay equally on everything and therefore hold equal title.
b) Equal ownership- Both Terry and Bob are on the title with equal ownership.
c) Right of survivorship- Terry receives rights to the property when Bob passes away.
3) Joinder Requirements-
Definition: The requirement that both husband and wife must be involved in a transaction.
Example: Mary and John are husband and wife that bought a house together, which is considered their community property. John cannot sell the house and keep all the money without Mary’s consent and visa versa.
a) Community property- The house is both John’s and Mary’s equally.
b) Husband and wife- Mary and John are husband and wife.
c) Husband and wife join in transaction- Both Mary and John must be involved in the sale of the home.
4) General Partnership-
Definition: The partnership between two or more people who co-own and run a business for profit.
Example: Tom and Joe own the Sugar Factory a candy store in the mall. They both take turns running the store and equally share the profits the Sugar Factory makes.
a) Partnership- Both Tom and Joe run the store.
b) Business- The business called the Sugar Factory is run by the two partners.
c) Profit- The Sugar Factory is a candy selling business for profit.
5) Joint Venture-
Definition: A partnership formed for one single transaction.
Example: Joe and Barney agree to flip a friend’s property together. They have a budget of $100,000 and whatever they do not use they get to keep for profit and split equally.
a) Partnership- Joe and Barney work together on the project.
b) One time- They agree to flip the property of their friend, and not go into business flipping houses.
c) Not formal- Joe and Barney are flipping for their friend, so it is more of an informal agreement.
Definition: Individual apartment looking units that are owned by individuals and not a landlord that leases.
Example: Joe builds a building with 10, 2 bedroom units. He sells each unit to different families for $100,000 each.
a) Connected homes- Joe’s building has 10, 2 bedroom units attached in it.
b) Individual owners- Joe sells each one of his units for $100,000 each to individual families.
c) Not apartments- The building looks like an apartment complex, but there is no landlord. Each family owns their own unit.
7) Condominium Plan-
Definition: The plans that describe the land and the building for a planned condominium project.
Example: Todd purchases land with the intention to build condominiums on it. Before he does this, he must have the land surveyed, the floor plans for the building drawn out, and a certificate that allows him to build on the property.
a) Survey of the land- Todd has to survey the land before he builds.
b) Floor plans- Todd must have the floor plans for the building drawn out before he builds.
c) Certificate of consent- Todd must present the certificate of consent before he can begin his project.
8) Community Apartment Project-
Definition: An apartment complex that lists all the tenants as tenants in common, but the deed specifies the rights of each individual to occupy specific apartments.
Example: Todd, Sarah, Mark, and Steven all live in the same apartment building. They each hold an equal part in the ownership of the apartment building. Each person only has rights to occupy their individual apartment and they may not occupy each other’s.
a) Apartment complex- Todd, Sarah, Mark, and Steven all live in the same apartment building.
b) Equal Ownership- Each person has an equal share of the apartment complex, listed as tenants in common.
c) Individual rights to specific apartments- Each person has the right to occupy their own property, but not each other’s.
9) Planned Unit Development-
Definition: A community where each person individually owns their house and the land it is on, but there are common areas where the community members own as tenants in common.
Example: Mark, Peter, Sheri, and Oscar all live in the same community. They each own their own house and land the house is on. The community has a park that Mark, Peter, Sheri, and Oscar own as tenants in common.
a) Individual owners- Mark, Peter, Sheri, and Oscar own their own homes and land it occupies.
b) Common area- There is a park in the community Mark, Peter, Sheri, and Oscar live in.
c) Tenants in common- Mark, Peter, Sheri, and Oscar own the common area of the park as tenants in common.
Definition: A property that is owned by people who have the exclusive right to the property at specific times of the year.
Example: Terry owned a part of an apartment in the Virgin Islands that he could only occupy during the 3rd week of August. 51 different owners owned the property that each had the right to occupy the property one week out of the year.
a) Property with many owners- The Virgin Islands apartment has 51 owners.
b) Specific time- Each owner can occupy the property at specific times of the year.
c) Exclusive right- Each owner has full rights to the property at their time each year.