Co-ownership - Ascertaining How the Equitable Interest (Beneficial) is Held
3 important questions on Co-ownership - Ascertaining How the Equitable Interest (Beneficial) is Held
Explain the four unities that must be present in order for there to be JT?
All four unities must be present for a JT:
- Unity of interest - all co-owners have the same interest in the property
- Unity of title - all co-owners receive their interest under the same document (e.g. the same transfer)
- Unity of time - each co-owners interest must vest at the same time
- Unity of possession - all co-owners must be entitled to the whole of the land and no co-owner can be excluded from any part of the land
What happens if only the unity of possession is present?
If only the unity of possession is present, it will be a Tic.
Where there is no express declaration, explain the alternative option of considering words of severance in indicating a Tic?
Words of severance indicate separate and distinct shares in the property. E.g. words such as 'equal shares' and 'to be divided between' = Tic.
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