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Chapter 4 ________________ Forms of Ownership

Chapter 4 ________________ Forms of Ownership. One or More?. Sole ownership Tenants in common Joint tenancy Community property Partnership Corporation. Tenants in Common. One parcel of land; Three owners with unity of possession. C. A. B. What happens if C dies?. C’s heirs. B. A.

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Chapter 4 ________________ Forms of Ownership

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  1. Chapter 4________________ Forms of Ownership

  2. One or More? • Sole ownership • Tenants in common • Joint tenancy • Community property • Partnership • Corporation

  3. Tenants in Common One parcel of land; Three owners with unity of possession C A B What happens if C dies? C’s heirs B A

  4. Joint Tenancy with Right of Survivorship A B C One parcel of land; Three owners, four unities (PITT): Possession, Interest, Time,Title If C dies? C A B

  5. Married Persons • Tenancy by the Entirety • Community Property • Separate Property

  6. Holding Title

  7. Additional Ownership Forms • S Corporations • Trusts • Inter Vivos Trust • Testamentary Trust • Limited Liability Companies (LLC)

  8. Key Terms • Community property • Concurrent ownership • Estate in severalty • Joint tenancy • Right of survivorship • Tenancy by the entirety • Tenants in common • Undivided interest

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