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Property ownership of unmarried couples: KERNOTT V JONES - Dissertation Example

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The present study would focus on property ownership that is governed under property law. It is one of the very important aspects of law as it governs the ownership and usage of property. The property refers to anything that can be owned by a entity or person…
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Property ownership of unmarried couples: KERNOTT V JONES
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Download file to see previous pages According to the research property can be divided into two major categories namely; personal property and real property. Personal property is moveable and can be moved from one place to another location. On the other hand, real property is any interest in land, real estate or the improvements thereon. The area of law that governs ownership of property is property law and it covers both the personal and real property as defined within the common law legal system. Property law is entrenched in the constitutions and legislations of nearly if not all states of the world to provide concisely and broadly the right of people to own certain things in order to meet their needs, earn income, or make their lives better. Property rights provide people and entities with rights over things; the rights of which are enforceable against all other entities or persons. Usually, interest in property is acquired through consensual transaction with the person who owned property initially, for instance, through gift or sale. Consensual transactions also includes disposition by will because will intends to provide for distribution of the property of deceased person to the nominated persons (beneficiaries). Besides, interest of property may be obtained through a trust established for a person’s or entity’s benefit by the previous owner of the property. Property can be passed form a person to another without the consent of the holder of the property. For example, in an event the owner goes bankrupt, property taken in execution of judgement of a court, or a person dies intestate. Property ownership can be common, collective or private. In law, determination of ownership of property involves determining the person(s) or entity that has particular duties and rights over a certain property. These duties and rights, however, can be separated and be held by parties that are different (Merrill and Smith 2007, p. 38). It is crucial to examine the common types of property ownership. There are five major forms of property ownership which include joint tenancy, sole ownership, community ownership, tenancy in the entirety, and tenants in common. Ellickson et al (2002, p. 12) describes joint tenancy as property owned by two or more persons at a given time in equal shares; the following four unities are typical in this form of ownership namely; unity of possession, title, interest, and time that is vested in each joint tenant, each tenant has right which is undivided to possess a proportionate and whole property right of equal ownership interest. In an event of the death of one joint tenant, the interest that belonged to him or her are automatically vested in the joint tenants who are surviving by operation of law. In regard to sole ownership, Merrill and Smith (2007, p. 22) explain that the property is owned by one person, entirely. In addition, community property is a form of ownership that acknowledges community property, a special kind between husband and wife where each of them owns one- half of the property. In case of death, the interest of the decedents passes in a similar manner to tenants in common (Badenhorst, Pienaar, and Mostert, 2006, p. 67). Moreover, tenancy in entirety is a form of property ownership which is a special type of joint ownership where the joint tenants of specifically husband and wife own one- half. Neither of the spouses can sell the property owned without getting the consent of the other spouse. Lastly, a tenant of common is also a form of propert ...Download file to see next pagesRead More
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