Marcus and Denise are unmarried business partners who purchase a commercial property in Indianapolis. They want each partner's share to pass to their own heirs upon death rather than to the surviving co-owner. Which form of ownership should their Indiana broker recommend?
Correct Answer
D) Tenancy in common
Tenancy in common is the appropriate form of ownership when co-owners want their individual shares to pass to their own heirs rather than to the surviving co-owner. Under Indiana law, each tenant in common holds a separate, divisible interest that can be devised by will or pass through intestate succession. There is no right of survivorship in a tenancy in common.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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.
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