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CHAPTER 13

Concurrent Ownership

As we have seen, property ownership can be divided up in several ways. A landowner of 100 acres, for example, may give 50 acres to one person and 50 acres to another; the landowner may give one person the whole 100 acres as a life estate and another the remainder; the landowner may sever the surface from the subsurface by granting away the mineral rights; or the landowner may transfer legal title to a trustee with rights to manage and sell the property for the economic benefit of beneficiaries who have the right to income and value appreciation.

Finally, two or more persons may concurrently own the same interest in the same land. There are three major concurrent interests developed in England and recognized in the United States: tenancy in common, joint tenancy with right of survivorship, and tenancy by the entirety. Each may be found in any present or future interest, and may be held in any estate—for life, in fee simple determinable or subject to a condition subsequent, in fee simple absolute, etc.

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