Co-ownership of land

• What is the maximum number of joint tenants allowed for co-ownership of land?

  4 joint tenants
• What happens when land is owned by more than one person?

  An automatic trust of land arises
• Who is a bare trustee in the context of co-ownership of land?

  A bare trustee holds the legal estate on trust for the beneficiary
• What is the significance of a declaration of trust?

  A declaration of trust is conclusive unless a different common intention is shown
• How can a joint tenancy be severed?

  By giving notice in writing or treating the share as separate
• What are words of severance in the context of joint tenancy?

  Words that refer to separate shares, such as "in equal shares"
• What is presumed if the intention regarding beneficial interest is unclear?

  It is presumed that the beneficial interest is the same as the legal interests in the property
• What is overreaching in the context of co-ownership of land?

  Overreaching occurs when purchase money is paid to at least two trustees
• What must be done if there is only one seller in a property transaction?

  A second trustee must be appointed or a written release from the beneficiary must be obtained
• What should you look out for regarding sole owned property?

  Look for Form A registered behind the scenes beneficial interest
• What does Section 14 of TOLATA allow a co-owner to do?

  A co-owner can apply to the court for an order to sell or declare the nature of a person's interest
• What factors must the court consider under Section 15 of TOLATA?

  The intentions of the persons who created the trust and the purpose for which the property is held
• What additional factor does Section 15 of TOLATA require the court to consider?

  The welfare of any minor who occupies the home
• What does the court consider in determining the nature of a person's interest in co-owned property?

  All of the circumstances surrounding the co-ownership