Final answer:
The four unities of joint tenancy (TTIP) required for its creation are unity of time, title, interest, and possession. These unities ensure that each co-owner's rights are equal and occur simultaneously through the same transaction or document.
Step-by-step explanation:
The four unities of joint tenancy, often remembered by the acronym TTIP, are 1) Unity of time, 2) Unity of title, 3) Unity of interest, and 4) Unity of possession. These unities must be present for a joint tenancy to exist. Each unity is critical to the formation of this type of legal property ownership.
- Unity of time means that the co-owners must acquire their interests in the property at the same time.
- Unity of title indicates that co-owners must acquire title to the property through the same transaction or document.
- Unity of interest requires that each co-owner has an equal share or interest in the property.
- Unity of possession means that each co-owner has an equal right to possess or use the whole property.
The correct option based on the question provided is 1) Unity of time, title, interest, and possession (TTIP).