III. Make up your own sentences with words given above in exercise 2:
IV. What do you know about mortgage in your country?
V. Retell the text ‘Mortgage’
TEXT 22 JOINT TENANCY
Joint tenancy is the ownership of a piece of property by two or more people. Each owner has equal rights to the use of the property during their lives. At the death of each owner, the property goes to the survivors. The last survivor becomes the sole and exclusive owner of the property, with the absolute right to sell or give it to anyone. Joint tenancies were once limited to real estate, but today they may be created in personal property as well. For example, two or more people might own a painting as joint tenants with the right of survivorship.
The right of survivorship distinguishes a joint tenancy from the ordinary tenancy in common.
Under a tenancy in common, each tenant’s share passes to his or her successors at the death of the tenant. While living, a joint tenant can convey the share in the joint-tenancy property some other person, but this act severs the joint tenancy. The ownership then becomes an ordinary tenancy in common. In the United States, a few states do not recognize the joint tenancy of real estate.
Fixture, in law, refers to personal property that has been affixed to houses, land, or other real estate. A fixture becomes part of the real estate to which it is attached. Important factors in determining that property is a fixture are the method of attachment and the parties’ intention to make the property a permanent part of the real estate. For example, if a tenant installs electric wiring in rented property, the wiring may become part of the landlord’s real estate unless the tenant and landlord agree otherwise before the wiring is installed.
I. Study the following words:
Tenancy, ownership, survivors, sole, absolute right, personal property, survivorship, convey, ordinary tenancy, fixture, affixed, attachment, intention, permanent, landlord, otherwise.
II. Make up sentences with the words & word combinations given
below:
A piece of property, absolute right, joint tenant, ordinary, successor, share, in common, real estate, attachment, landlord.
III. Insert prepositions if necessary:
Two or more people might own a painting as joint tenants … the right … survivorship.
Fixture, in law, refers … personal property that has been affixed … houses, land or other real estate.
The ownership then becomes an ordinary tenancy … common.
Under a tenancy … common, each tenant’s share passes … his or her successors … the death.
Important factors … determining that property is a fixture are the method … attachment and the parties’ intention to make the property a permanent part … the real estate.
IV. Give your own definitions of the words:
Real estate, tenancy, intention, ownership, survivors, convey, ordinary tenancy.
V. Retell the text ‘Joint Tenancy’.
TEXT 23 ABSTRACT
Abstract, in law, is a summary of the most important points of a long legal document or of several legally related documents. The most common form of abstract, called an abstract of title, is used in real estate transactions. It identifies all deeds, wills, mortgages, leases, or other documents affecting ownership of the property. It also refers to all agreements made by any owner regarding use of the property that would affect rights of later owners. An abstract is useful to a buyer because it shows the extent of the seller’s ownership rights.
A complete abstract shows the entire chain of transfers of ownership from the time the title to the property was first recognized by the government up to the present. It can be used to establish a clear title to property that is, a condition in which no one but the owner holds rights that might interfere with use of the property.
In a few states, an abstract can be used by a court as a basis to declare who owns the property. The property is then registered in the declared owner’s name. This form of registration occurs under a Torrens system