Under Indiana law, when a deed conveys property to two or more persons without specifying the type of co-ownership, what form of ownership is presumed?
Correct Answer
C) Tenancy in common
Under Indiana law (IC 32-17-2-1), when a conveyance is made to two or more persons without language expressly creating a joint tenancy or other specific form of co-ownership, the default presumption is tenancy in common. To create a joint tenancy in Indiana, the deed must contain language expressly stating the intent to create a joint tenancy with right of 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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