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Assessment Task 2:
Case Study 2
Identify the types of land ownership/holding for each of Peter, Paul and Mary, in the following scenarios.
Scenario A.
Bill sells his property to Peter, Paul and Mary. Each wishes to hold the property in accordance with the percentage of the purchase price that each paid. Peter paid 75% of the purchase price, Paul paid 20% and Mary 5%.
Identify the types of land ownership/holding for each of Peter, Paul and Mary, for the above example.
Scenario B.
Bill sells his property to Peter, Paul and Mary. Each wishes to hold the property in accordance with the percentage of the purchase price that each paid. Peter paid 60% of the purchase price, Paul and Mary, who are married to each other, paid 40% together.
Identify the types of land ownership/holding for each of Peter, Paul and Mary, for the above example.
Scenario C.
Peter is a financial advisor and misappropriates $500,000.00 of Paul and Mary's money. He buys a factory, in his own name, with the money.
Identify the types of land ownership/holding for each of Peter, Paul and Mary, for the above example.
Scenario D.
Peter and Mary are married. They purchase their dream home but because Peter is in a precarious financial situation, they decide to put the property solely in Mary's name.
Identify the types of land ownership/holding for each of Peter, Paul and Mary, for the above example.
Scenario E.
Peter rents his office building to Paul. After he has taken possession, Paul decides that building is too big for him and leases part of it to Mary.
Identify the types of land ownership/holding for each of Peter, Paul and Mary, for the above example.
Scenario F.
Peter dies. In his will he leaves his house property to his five year old son Paul when he turns 18 and in the meantime gives 25 year old Mary the right to live in the house until she is fifty. Jackie is the executor of Peter's will.
a. What are the respective rights of ownership/holding of Paul?
b. What are the respective rights of ownership/holding of Mary?
c. What are the respective rights of ownership/holding of Jackie?
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