During the current year, the Jordan family trust, an inter vivos trust, has business income of $220,000. Of this amount, $50,000 is retained in the trust with a joint election….
What is the difference between holding land as joint tenants and holding land as tenants in common?
-Jesse owns a mixed business commercial property next door to Benji's Pizzeria. As an advertising promotion, Benji has fixed a 60m inflatable pizza on a line at the end of a 90m pole which blows in the wind, both over Benji's Pizzeria and over the car park of Jesse's property. Jesse wants this intrusion stopped. Advise Jesse. -Using examples, define a chose in possession. -What is the difference between holding land as joint tenants and holding land as tenants in common? How would you explain this difference to a client? -Shenzi, Timon and Nala are cousins and joint tenants in a property left to them by their grandmother in her will. Shenzi is your client and is in substantial debt. She tells you that she wants to sell the property and use the funds to reduce her debt but Timon and Nala do not agree. Schenzi tells you that she is going to go ahead and sell her share of the property anyway. Can she legally do so? Advise Shenzi of any options she may have. -Bella, Rosalie and Alice are clients who have set up a partnership as florists. Their business is thriving, and they no longer wish to rent retail premises, but buy their own. They have found an appropriate shop, and settlement is in one month. They seek your advice as to whether they should co-own as joint tenants or tenants in common. Advise them, giving reasons for your answer.