Three siblings — Abby, Ben, and Carol — inherit their parents' home in Fort Wayne, Indiana as joint tenants with right of survivorship. Ben later sells his interest to an outside investor named Derek. What is the ownership structure after Derek acquires Ben's interest?
Correct Answer
B) Abby and Carol remain joint tenants with each other; Derek holds his interest as a tenant in common with Abby and Carol
Under Indiana property law, when one joint tenant conveys their interest to an outside party, that conveyance severs the joint tenancy only as to the conveyed interest. The remaining original joint tenants (Abby and Carol) continue to hold their interests as joint tenants with right of survivorship between themselves. Derek, as the new owner of Ben's former interest, holds that interest as a tenant in common with Abby and Carol, but does not share in the survivorship arrangement between Abby and Carol.
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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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