discussion board post real estate law 1

Concurrent Ownership simply means ownership of real property by two or more persons at the same time.

Real property can be owned by a group of individuals through 4 ways of concurrent ownership: 1) joint tenancy with right of survivorship; 2) tenancy in common; 3) tenancy by the entirety (marriage only); 4) community property (this type not recognized in MD). In this vein, co-owners or concurrent owners may enter into co-tenancy agreements to define rights and relationships among owners.

What are some of the legal issues that are created by ownership of real property by two or more individuals? Can you envision negative issues for each of the types of concurrent ownership? Discuss and explain. (Hint: think in terms of use and possession, responsibilities of each of the concurrent owners, liability of each of the concurrent owners, transference of property, and the like).

My hope for you in this discussion is for you to give some examples of situations related to these questions and to discuss why each example fits into either category. Please have some of your personal opinions in this discussion as well. Create your own answer discussing your thoughts on the questions. 5 to 10 sentences

After creating your answer, I would also like you to respond your opinions to 2 students’ answers…3 to 6 sentences per response

 

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