A Colorado real estate licensee is describing ownership forms to a first-time buyer. The buyer asks what type of ownership gives them the ability to pass their interest to their heirs through a will rather than having it automatically go to a co-owner. Which ownership form should the licensee describe?
Correct Answer
A) Tenancy in common
Tenancy in common is the ownership form where each co-owner holds an undivided interest with NO right of survivorship. This means that when a tenant in common dies, their interest passes through their estate — either by will (testate succession) or by intestate succession if there is no will. This is the key distinction from joint tenancy, making tenancy in common the correct answer for a buyer who wants to control the disposition of their interest through estate planning.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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