This lesson is the first of several addressing the various relationships resulting in the concurrent ownership of property. It is designed to introduce Property students to this tenancy form. The tutorial progresses from addressing the traditional unities required to create a joint tenancy, the resulting right of survivorship, and the numerous events severing the tenancy. Also, it addresses the status of joint tenancy under modern statutes.
On completion of the lesson, the student will be able to:
1. Define the following terms: joint tenancy and right of survivorship
2. Define the unities of time, title, interest and possession.
3. Explain how modern statutes treat joint tenancies.
4. Discuss how parties may lawfully terminate joint tenancies.
5. Analyze the resulting relationships upon the termination of a joint tenancy.
6. Compare the effect the right of survivorship has on a deceased joint tenant’s interest and that of a survivor.