Hiro and Mele are unmarried domestic partners who purchase a home in Hawaii together. They want to ensure that if one of them dies, the other automatically inherits the deceased partner's share without probate. Which form of co-ownership should they select?
Correct Answer
C) Joint tenancy, which provides the right of survivorship for all co-owners regardless of marital status
Joint tenancy includes the right of survivorship, meaning that upon the death of one joint tenant, their interest automatically passes to the surviving joint tenant(s) without going through probate. Unlike tenancy by the entirety, joint tenancy is available to any co-owners, not just married couples. Since Hiro and Mele are unmarried, joint tenancy is the appropriate form of co-ownership to achieve automatic survivorship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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